Number Of Foreclosures Fell In January

Washington, (PressExposure) February 13, 2009 -- More than 270,000 home-buyers received a foreclosure related notice in January and that number would have been considerably higher if not for various attempts by both the government and the buyers to delay the process.

Aiding the slowdown was a deal that Florida Gov. Charlie Crist cut with lenders in that State which resulted in them agreeing to a forty five day delay in new foreclosure petitions.

Additional help also came from Fannie Mae and Freddie Mac that agreed to suspend their foreclosure sales during the winter holidays.

The January figure was 10% lower than the December one but still 18% higher than a year ago and more than two million American home-buyers faced foreclosure proceedings last year.

A recent report shows that almost 67,000 properties were repossessed by lenders in January 2009 compared with 45,000 repossessed properties in January 2008.

Nevada, California, Arizona and Florida had the nation's highest foreclosure rates with one in every seventy six homes receiving a foreclosure notice in Nevada and one in one hundred and seventy three in California with Merced Ca showing a horrifying one in every fifty nine people getting notices.

The Obama administration is expected to back a push in Congress that would allow bankruptcy judges to alter the terms of primary home loans, and earlier this week, Obama said that it "makes no sense that judges are not allowed to do so".

However the mortgage industry as a whole is against the change and argues that it this very prohibition that allows lenders to charge lower rates.

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Press Release Submitted On: February 13, 2009 at 6:30 am
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