Despite all the efforts from the federal government and the mortgage lenders, foreclosures are still increasing. On Thursday, RealtyTrac released a report that shows foreclosures were up in the third quarter.
The report shows that foreclosures were up 5% over the second quarter of 2009. They are also up 23% over the same time last year.
This means that 937,840 homeowners received a foreclosure letter during the third quarter. That puts 1 out of 136 homes in the US in foreclosure.
The whole country is effected by this. Nevada continues to be the worst state. For every 23 homes there, one is in foreclosure.
The foreclosure issue still continues despite efforts to help struggling homeowners. The federal government has established the Home Affordable Mortgage Program.
The program is designed to help homeowners that are struggling to make their mortgage payments. Last week the program reported that it has signed up 500,000 homeowners for the program.
It is hopeful that programs like the Home Affordable Mortgage Program will start reducing the number of foreclosures. For now, the third quarter of 2009 will show an increase in home foreclosures.
Written by Denise Clay
Hickory, NC
Exclusive to HULIQ
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