Trans Union released a look at the last quarter statistics, and foreclosures continue to increase.
So, there has been no noticeable impact from the mortgage modification programs, either by the mortgage companies or the government.
None of the bad trends has turned around yet:
Unemployment is rising.
Home values continue to go down.
Mortgage money, for refinancing, is harder to get.
So, when people cannot pay for their homes, which are almost always worth less than what they owe on their mortgages, what happens?
Well, eventually, the bank forecloses, and the house is sold for its real market value, what a willing buyer will pay.
Nicholas Cage is in the news for losing a bunch of his expensive assets, including two houses in New Orleans, which sold for 1.1 and 1.2 million dollars LESS than appraised value.
So, the mortgage companies lose money by foreclosing, taking back houses, and re-selling them.
Judicial mortgage modification is still the best solution.
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