The latest data from HOPE NOW shows a significant decline in the number of foreclosures on both a quarterly and yearly basis, furthering speculations that the nation’s housing market is improving.
There were roughly 290,000 foreclosure starts in the third quarter of 2013 – down 10 percent from the previous quarter, and down 42 percent from the 499,000 reported during the third quarter of 2012.
Many homeowners continue to receive loan modifications via the Home Affordable Modification Program
(HAMP), although at decreased levels. The number of modifications completed in the third quarter was down 22 percent from 233,000 a year ago.
Among other findings detailed in the report were:
- More than 6.71 million homeowners have received permanent loan modifications since 2007; of these, over 1.2 million were completed via the Home Affordable Modification Program (HAMP)
- Approximately 1.39 million short sales have been completed since 2009
- There were approximately 167,000 foreclosure sales in the third quarter of 2013, down 15 percent from 196,000 in the third quarter of last year
- There were approximately 67,000 short sales completed in the third quarter of this year, down 39 percent from 109,000 in the third quarter of last year
You can view HOPE NOW’s full report and press release here
Although the housing market is improving, we know that there are still homeowners who are struggling to make ends meet. We encourage homeowners who are in need of financial or mortgage assistance to call our HOPE Hotline at 888-995-HOPE (4673). Our HUD-certified housing counselors can assess your situation and determine the options that may be available to you.