January Posts Gain in Foreclosure Sales

HOPE NOW has indicated that there were 73,000 foreclosure sales in January after a lower month for sales in December of 58,000.  The numbers reflect some easing of the robo-signing problem on disposal of foreclosed properties.

By contrast, the numbers of permanent loan modifications getting approved is going down.  In January 101,000 were approved compared to 111,000 in December. The numbers of proprietary loan modifications has been steadily decreasing since September 2010.  HOPE NOW points out that loan modifications still exceed the number of foreclosure sales.

The delinquency problem is continuing to increase.  There were 3.08 million mortgages that were 60 days or more overdue as of January compared to 3.03 million in December.