Despite Loan Modifications, Foreclosures Will Continue To Rise Through 2010

Loan Modifications have been sold as the way out of this credit mortgage crisis. However delinquencies and repossessed homes are breaking records and are at their highest level since 1972, which is when the Mortgage Bankers Association started to keep records. This is scary, at the beginning of the year 1 in 10 of American loans was past due or going through a foreclosure. Regardless of the efforts to stop this trend the rates just continue to increase. This surge in delinquencies indicates that a recovery in the housing market could be thwarted by the worsening employing rates and the drying up of the easy-money lending coffers. On a more positive note, we had to find something; the median home prices do seem to be recuperating. Areas like California, which were hardest hit by the crisis