February U.S. Forclosure activity decrease 2% from January levels (up 6% Year over year)

RealtyTrac:
RealtyTrac® released its February 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 308,524 U.S. properties during the month, a decrease of 2 percent from the previous month but still 6 percent above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.

“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period.

“In addition, severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states.” Furthermore, more than 300,000 properties received foreclosure filings for a 12th straight month.

Link to full release:
RealtyTrac full report link


In February 2009, the administration anounced their Homeowner Affordability and Stability Plan. The estimated cost of this program stands at $75 BILLION.


Recapping existing government programs:
Making Home Affordable
   Home Affordable Refinance (HARP)
   Home Affordable Modification (HAMP)
First Time Homebuyer's Credit
Hope for Homeowners
Energy Efficient Mortgage

Coming April 5, 2010: complete a short sale and get a $1,500 "relocation assistance" check. A $75 BILLION program and one year later, the updated, improved, enhanced and better plan is to promote active short selling and cut a check. WHAT IS GOING ON!!

If one has been pocketing their mortgage payment for a number of months, the reason for issuing a check that will be paid by our grandkids is.........?

Who comes up with these programs?