Foreclosures down in August

[flippinout]

Foreclosures fell by 12.7% in August, but a lot of people are still having trouble meeting their mortgage payments. Is this the lull before the storm of foreclosures hits again?

The reasons for the decline in the fall of foreclosures are as follows:

"It could be that the government-led mortgage modification programs are finally gaining some traction," he said. "But it could also be that the banks are still delaying repossessions of these properties."

This is another possible reason:

Increases in short sales could also be reducing the repossession statistics, according to Duane LeGate, president of HBN Interactive, a short-sale specialist. These are transactions in which lenders allow borrowers to sell their homes for less than what they owe.

There are six states that lead the country in foreclosures, they are Michigan, Florida, California, Nevada, Arizona and Illinois.

Some banks are leaving the families in the homes for now. This serves a couple of purposes, the families of course will care for the home, and the bank wont have too and there is, of course, that maybe these families will be able to catch up their payments.

[Eyeofngt]

That is great news. I hope it continues to drop. It is so sad to see or hear of anyone losing thier homes. It should never come to that.