Monday, April 26, 2010

Foreclosures Continue to Increase

Foreclosures Continue to Increase

According to this Diana Olick article on CNBC.com, Foreclosures Are Rising, foreclosures continue to increase (i.e. more properties are going to foreclosure auctions) due to the failure of the various loan modification programs (many borrowers do not end up qualifying for permanent modifications and many borrowers default on modifications even if they are granted) and the huge backlog of seriously delinquent loans (over 5 million), which are now making their way toward becoming foreclosures. Basically, foreclosures are going to remain extremely high for the next few years, and, as a result, seriously stress the banks' asset managers. Therefore, the banks are going to need to liquidate their excess non-performing assets via short sales.

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