Foreclosure News - Effects Of Making Home Affordable Program

Foreclosure News - Effects Of Making Home Affordable Program

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The federal government's Making Home Affordable Program, according to foreclosure news during the final week of September 2009, has had mixed results in its goal of assisting homeowners get out of the route towards foreclosure. The impact of this government initiative has been finally felt in the moderate decline in the number of foreclosure filings and the slow down in the reduction in home prices. However, positive foreclosure news has been limited because many of the borrowers who should have been qualified for this government program have not been given a loan modification. Wells Fargo and Bank of America have revealed that they have only enrolled six percent and four percent of the qualified borrowers, respectively.

Foreclosure news during the period between August and September 2009, indicates that the states of Arizona, Massachusetts and Michigan experienced an increase of one to two percent in home prices. Specifically, home prices in Arizona rose to $211,158 from $208,605, those in Massachusetts increased to $162,972 from $161,283, and those in Michigan improved from $90,330 to $92,136. Meanwhile, home prices in the states of California, Florida and Nevada have risen by less than one percent. In particular, housing prices in Nevada have improved from $310,881 to $312,188, those in Florida increased from $220,799 to $222,899, and those in California rose from $346,649 to $347,970.

However, the best foreclosure news for the said period with regards to housing prices is for Arkansas and Texas. Home prices in Texas improved by 4.5 percent to $115,671 from $110,674. Meanwhile, housing prices in Arkansas rose by 2.8 percent to $96,282 from $93,593.

Foreclosure news for this period has also revealed that the foreclosure rate in some states has started to drop. In particular, the foreclosure rate has dropped by 6.3 percent in Michigan, 4.7 percent in California, and 3.6 percent in Georgia. However, according to foreclosure news, the highest gains were made in Texas, which enjoyed a decrease of 9.6 percent; Arizona, which noted an 8.91 percent reduction; and Florida, which observed an 8.21 percent drop.

It is to be expected that upcoming foreclosure news will even be better because the government has reported that its Making Home Affordable Program has accomplished its targeted number for November 2009 almost one month ahead of schedule. As of the first week of October 2009, there are now more than half a million trial loan modifications that are being processed. The specific date for this particular milestone is actually November 1, 2009.

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