REO Properties Increasing Again

For the first time in several months, the total number of homes lost to foreclosure has shown a marked increase. Rising 15% since last August, there are now 430,000 foreclosed homes nationally, up from August's 375,000. Now, even the increased number is far below the totals at the worst of the Great Recession, but an increase such as this is troubling, and not only to home owners. What is more troubling is that the increase was felt across most of the nation, with 46 out of the 50 states showing increases. Leading the rise was Idaho, which nearly doubled its REO inventory. Other states with large increases included Maryland, Oregon, Nevada, and North Dakota. There are likely many reasons for the increase, but one thing it tells me here is that people who are trying hard to keep their heads above water are having trouble for any of a variety of reasons. It also tells me that it is time to remind folks in this situation that there is a book that can recommend ways to avoid having this specter creep up on you. The book is a short one, less than 80 pages total (let's face it--if you're facing foreclosure, you're not interested din reading War and Peace), and not very expensive. It can be ordered on Amazon.com . OK< so you're wondering what the name of this book is. It's called, "Save Your House From Foreclosure" , and is written by yours truly. Basically, it has a number of bits of advice that I have gleaned from my careers in lending and real estate over the years. There are no guarantees in life, but the small cost of this book can possibly make a difference if you're one of the unfortunate folks again facing the terrible prospect of default and foreclosure. As always, good luck.

FHA Plans to Expand Credit Access

Since its inception, this blog has sought to assist homeowners in avoiding foreclosure. One way to do so is to help them avoid getting into credit trouble with their mortgage lender. With that in mind, today we have a brief blurb on a new plan to expand credit access for borrowers without increasing risky situations that normally such expansion could create. The FHA has announced a new program to help counsel borrowers to avoid the possibility of loans becoming seriously delinquent, a major step toward possible foreclosure. A new program, Homeowners Armed With Knowledge (HAWK) is including counseling in the home buying process as a means to avoid risky decisions or loans. This will be on FHA-insured loans. For more info, contact your lender or go to FHA's web site: www.fha.com . As always, good luck.