The foreclosure tide appears to be subsiding, according to the latest numbers from RealtyTrac. The company said Thursday that foreclosure activity fell 8 percent in November, compared to October - it's the fourth consecutive month that RealtyTrac's data has shown a decrease in foreclosure filings. November's numbers are 15 percent below the all-time high hit in July, and at their lowest mark since February. At the state level, the same usual suspects are still leading the nation in foreclosure activity, but even these hard-hit housing markets are beginning to show signs of improvement.
At a House committee hearing this week, lenders advised lawmakers to prepare for low trial-to-permanent conversion numbers - ahead of the Treasury's release of the Home Affordable Modification Program (HAMP) report card on Thursday. A Chase official told the panel that only 20 percent of its borrowers in trial periods have made their required payments and filed the correct paperwork for a permanent modification. A Bank of America executive testified that it has only 15,000 homeowners who are eligible for a permanent mod and provided the necessary documentation.
Treasury Secretary Timothy Geithner has decided to tack on another nine months to the government's controversial $700 billion bailout program. In a letter Wednesday to the heads of the Senate and House, Geithner said he is formally extending the Troubled Asset Relief Program (TARP), which was set to expire at the end of this year, through October 3, 2010. The Treasury secretary assured lawmakers, though, that any new commitments made next year would be limited to housing, small business lending, and the securitization market.
In yet another sign that housing markets are on the mend, Clear Capital reported Wednesday that values of residential properties are posting increases throughout the country, led by a resurgence in the Rust Belt. The company said seasonal softening puts the nation's gains at a modest 1.4 percent for the rolling quarter ending in November. The numbers in the nation's Western region are particularly encouraging, reflecting moderate price gains among even its largest markets with high levels of REOs.
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