Some cite their banks' refusal to work out new terms based on the new value of their homes. Others simply say that they aren't going to pay more money to own a home – with all of its attendant maintenance and repair bills – when they could pay half as much and have the landlord take care of that.
With this combination of factors in place, it is obvious that the numbers of foreclosures can only rise over this current year. Even if some of the government programs are continued, it is unlikely that they’ll be proactive enough to suppress the sheer volume of homes that are poised to enter the market as bank owned properties this year.
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