While all summer long it seems like the media was clamouring to let us all know that the recession was over and things are now returning to normal, it’s hard to see if the national economy has been listening. While home buying buoyed by the home buyers’ tax incentive has been going great guns, foreclosures have been a hot topic for news media all over the country.
A lot of the chatter in the media about foreclosures at present is confusing at best; headlines are screaming both that foreclosures are on the rise as well as on the decline while both using the same supporting data to prop up their claims. To find out the truth about the situation though, you have to look beyond the flashy headlines and figure out what the statistics are actually saying.
Between the banks’ slow response in helping people renegotiate their mortgages and homeowners continuing to lose their jobs, the number of families involved in foreclosure is up more this quarter over the rate experienced across the country in the previous quarter even though the government is struggling to help all the qualifying home owners who have mortgages in default.
However, it is also the case that the number of foreclosure filings fell in both August and September of this year even though REOs actually rose in September by over ten thousand properties.
The numbers are fairly straight forward in this issue and the fact remains that there are a great many families who’ve tragically lost their homes. It is unfortunate that it is so hard to get a clear idea of what trends we’re actually seeing at this point because there are so many numbers and trends being reported all under the umbrella term of “foreclosure” without any real explanation of what aspect of the foreclosure procedure is being reported on.
When it comes right down to it, no matter what the headlines say or don’t say, there is a massive amount of people who’re still struggling with trying to keep their homes even though they can’t afford them. Any trend of a few percent less in the number of foreclosures taking place isn’t much in the way of consolation to hundreds of thousands of people across the country who are drowning in debt or have already had their homes taken from them. What would be far more encouraging for these families is some actual help to get back on their feet.
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