In foreclosure news during the last week of September 2009, the Making Home Affordable Program of the federal government has had mixed results in its goal of helping homeowners avoid 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, the positive aspects of this foreclosure news has been minimal because this particular government program has failed to provide a loan modification to many of the homeowners who could have qualified for it.? Bank of America has only enrolled four percent while Wells Fargo has enrolled six percent of the eligible homeowners. 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.? In terms of numbers, housing prices in Michigan rose to $92,136 from $90,330, those in Massachusetts improved from $161,283 to $162,972, and those in? Arizona increased from $208,605 to $211,158.? A less than one percent improvement in housing prices was seen in the states of Nevada, Florida and California.? Specifically, home prices in California increased to $347,970 from $346,649, those in Florida improved to $222,899 from $220,799, and those in Nevada rose to $312,188 from $310,881.
However, foreclosure news for the above mentioned period shows that the states with the best improvements in home prices are Texas and Arkansas.? Housing prices in Texas rose by 4.5 percent from $110,674 to $115,671.? Meanwhile, home prices in Arkansas improved by 2.8 percent from $93,593 to $96,282.
Foreclosure news for this period has also revealed that the foreclosure rate in some states has started to drop.? Specifically, the foreclosure rate has declined by 3.6 percent in Georgia, 4.7 percent in California, and 6.3 percent in Michigan.? 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.? It has been reported that there are now more than 500,000 trial loan modifications that have been initiated, as of the first week of October 2009.? This number of trial loan modifications has been actually scheduled for November 1, 2009.
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