Cited: Associated Press

Foreclosures downThe pace of growth may finally be slowing down even though the foreclosure crisis is not over.  RealtyTrac Inc. stated that the number of US households facing foreclosure in February grew by 6% compared to the year.  This was the smallest annual increase in 4 years the foreclosures declined on a monthly and yearly basis in the hardest hit states of Arizona, Carolina in Nevada and grew rapidly in Florida.

More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, the Irvine, Calif.-based foreclosure listings company reported. That was down more than 2 percent from January

Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.

“It’s premature to declare victory just yet,” said Rick Sharga, a RealtyTrac senior vice president. He did, however, allow that, “If this is the beginning of a slowdown in growth rates, that would be a good thing.”

Banks repossessed nearly 79,000 homes last month, down 10 percent from January but still up 6 percent from February 2009.

The RealtyTrac report follows an encouraging report last month from the Mortgage Bankers Association. It said the percentage of borrowers who had missed just one payment on their home loans fell to 3.6% in the October to December quarter, down from 3.8% in the third quarter.

While that was a surprising piece of positive news, foreclosures were still at record high levels. The number of borrowers who have either missed a payment or are in foreclosure was at 15%.

A record 2.8 million households were threatened with foreclosure last year, RealtyTrac said, and the number is expected to rise to more than 3 million homes this year.

The foreclosure crisis forced the federal government and several states to come up with plans to prolong the process so delinquent borrowers can try to find help. But those efforts have barely dented the problem. Case in point: The Obama administration’s $75 billion foreclosure prevention program has helped only 116,300 homeowners in the past year.

After a year of trying to enroll homeowners in the Obama administration’s program, housing counselors are feeling deflated.

At many of the 100 mortgage companies charged with running the program, employees still “don’t really know what the guidelines are — or refuse to adhere” to them, said Cheryl Cassell, manager of housing counseling at the National Community Reinvestment Coalition, a community group in Washington.

Foreclosed homes are typically sold at steep discounts, lowering the value of surrounding properties. Cities lose property tax dollars from homes that sit empty and lower property values.

Economic woes, such as unemployment or reduced income, are expected to be the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

Among states, Nevada posted the nation’s highest foreclosure rate, though foreclosures there were down 7% from January and down more than 30% from a year earlier. It was followed by Arizona, Florida, California and Michigan. Rounding out the top 10 were Utah, Idaho, Illinois, Georgia and Maryland.

In February, the highest for closure rate of metro areas was Las Vegas.  Foreclosures were down from 9% from a month earlier even though 1 in every 90 homes received for closure filing.  Cape Coral-Fort Myers area in Florida was the second highest hit area closures that was up 31% from January.  California metro areas of Modesto, Riverside, San Bernardino, Ontario and Stockton also top the list of closure hotspots.

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My Take: I am glad foreclosures are down or at least slowing down.  That means more people are able to keep their homes.  I think that is wonderful.  Now maybe they can do a little home improvement and make their home even better than it was, just in case.

They might start with new wooden doors to make their home appear fresh and new.  Any real estate agent can tell you that front door is the first thing potential buyers see and did make the first impression.  Putting in a new front door before selling is a good thing.  And maybe they can turn to the inside and do some more remodeling.

If they are smart, they will have a contractor come out that utilizes PDF takeoff so they can get an estimate right away.  It usually comes with construction cost estimating software and helps a contractor provide an estimate on the spot.  Maybe this remodeling they are doing is for a new member of the household.  They just might be sending out custom birth announcements soon.

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