Pace of foreclosures slowing down in the US by Zuzana Zelenakova

According to RealtyTrac Inc., the amount of foreclosures in February has risen by 6 percent, which is the smallest increase in four years. Compared to the previous month, it was 2 percent drop to 308,524. The recent development can be attributed to the Obama administration $75 billion rescue plan that has enabled banks to help troubled borrowers. "One of the reasons we are not more optimistic is because we are continuing to see homeowners who are delinquent on their mortgages," RealtyTrac Senior Vice President Rick Sharga said. "The lenders are taking a longer time to evaluate those loans to see if they qualify for the loan modification program that the Obama administrat! ion is pushing -- but ultimately what we think we are going to see is really a delaying of the inevitable." According to Rick Sharga, people from California are among the most endangered as there is lot of those who have difficulties to keep up with their payments or are owing more than is actual worth of their homes. California is number four among the US states when it comes to the amount of foreclosures. It is preceded by Nevada, Florida and Arizona. In February, one in 195 households has become an issue to the foreclosure. "It's premature to declare victory just yet," commented Rick Sharga on the data from the RealtyTrac report. He did, however, added that, "If this is the beginning of a slowdown in growth rates, that would be a good thing." Last year, more than 2.8 million households were threatened by foreclosure and according to the report the number is likely to rise to more than 3 million this year. Nevada, which ranked the highest in number of foreclosures has e! xperienced 7 percent drop from January and more than 30 percen! t from t he previous year.

related story (sgx16730): http://news.yahoo.com/s/ap/20100311/ap_on_bi_ge/us_foreclosu...

by Zuzana Zelenakova for SigEx Ventures (http://sigexventures.com)

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