Loan Modification News – Modifications difficult to get while foreclosure rate hits 3.21 percent locally

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(Best Syndication News) While foreclosure rates fall around the nation, some states continue to press for legislation to aid Americans at risk for losing their homes (see chart below).

A report this week found that the number of foreclosures in some of the hardest-hit areas of the country is declining. Of the 211 metropolitan areas, 178 saw a decrease in foreclosure activity in the first half of 2011 compared to the same time period in 2010.

California, Nevada and Arizona are some of the hardest-hit states, with metropolitan areas accounting for 15 of the top 20 foreclosure rates. All of the top-10 metropolitan areas are in one of these three states. The Cape Coral-Fort Myers area of Florida now ranked #12.

The foreclosure rate has improved in Florida. In 2010 nine of the top 20 metropolitan areas were located in Florida.

The good news is that the biggest “turnarounds” are occurring in the hardest-hit areas, according to Realty Trac, a listing website for foreclosures.

Las Vegas posted the highest foreclosure rate. One in every 19 homes was in foreclosure. The Phoenix-Mesa-Scottsdale, Arizona area had the second highest rate.

Modesto California was third (see the chart below for more details). One in every 583 housing units received a foreclosure filing in June 2011.

In Washington State, lawmakers are considering a Foreclosure Fairness Act to help homeowners. The provision will require some servicers (or lenders) to pay a $250 fee for each notice of default.

The money collected from the fees will go towards funding homeowner counseling and attorneys prosecuting violators of the Washington Consumer Protection Act.

The deadline for homeowners applying to the Emergency Homeowners' Loan Program was Friday. It was hoped that the program would help 30,000 homeowners, but it is likely to fall short.

Loan modifications under the Obama Administration’s Home Affordable Mortgage Program are difficult to acquire, according to a report from the California Reinvestment Coalition.

The coalition report indicates that despite banks paying multi-billion dollar settlements and investigations by various state Attorney Generals, “servicing problems and abuses continue”.

By: John Waters
Business Reporter

RealtyTrac

Rank Metro Area % rate Rank last year
1 Las Veas Paradise NV 5.36% 1
2 Phoenix Mesa Scottsdale AZ 3.51% 7
3 Modesto CA 3.32% 3
4 Stockton CA 3.24% 6
5 Riverside San Bernardino CA 3.21% 5
6 Valleho Fairfield CA 3.09% 9
7 Reno Sparks NV 2.96% 11
8 Bakersfield CA 2.78% 12
9 Merced CA 2.78% 4
10 Sacramento CA 2.53% 14
11 Fresno CA 2.40% 21
12 Cape Coral Fort Myers FL 2.38% 2
13 Prescott AZ 2.32% 27
14 Visalia Porterville CA 2.30% 19
15 Boise City Nampa ID 2.20% 22
Source: Realty Trac
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