The Sobering Facts Behind the Housing ‘Recovery’ Statistics

In 2012, HPF’s HOPE Hotline received over one million calls for the fifth consecutive year. That means that over one million consumers picked up the phone last year to call a crisis hotline regarding their finances and, specifically, their ability to pay their mortgage.

These statistics are contrary to the many indications that the housing market is in recovery: CoreLogic reported that housing prices are up; RealtyTrac says foreclosures are down; and the US Census Bureau announced that homes are once again being built. These improvements, all reported by extremely credible sources, are very good news for homeowners, especially those who are underwater on their mortgages or whose home values have depreciated because of an abundance of distressed properties in their neighborhoods.

The devil, however, may lie in the details. RealtyTrac’s data reports that, while down on a national average, foreclosure activity has increased in 57% of the nation’s metropolitan areas.  In Tampa, Miami, Baltimore, Chicago, and New York, the housing crisis is far from over. Additionally, CoreLogic’s foreclosure report noted that the 56,000 foreclosures completed in December, while down year-over-year, was still nearly triple the pre-crisis foreclosure level.

And here’s another sobering statistic: as previously reported, there’s been a dramatic increase in calls from homeowners who are current on their mortgages but are in danger of default. HPF counselors continue to remain busy helping homeowners build the budgets and find the solutions that will help them avoid foreclosure.

If you or someone you know is having trouble making mortgage payments, counselors are available to assess your financial situation. Call 888-995-HOPE (4673) to find out more.