Foreclosures Likely to Climb Again

There has been a trend toward fewer foreclosures in the last few months, primarily due to a temporary moratorium imposed by some lenders who were waiting to see if government incentives to modify mortgages for borrowers at risk of foreclosing would have a positive effect.

Most people trying to do loan modifications are not qualifying because they are too far upside down on their loans.

The trend will be to see more foreclosures based on layoffs, bankruptcies, etc., and the downward trend we have been seeing is going to reverse itself.

Despite the fact that more foreclosures will be entering the market, homes sales hit a 12-month high in May at 6.945 properties, up from 4,315 a year earlier.