NEW YORK, N.Y. — According to ForeclosureWarehouse, the Making Home Affordable Program created by the Obama Administration as a way to help struggling homeowners save their homes from foreclosure has had mixed results. After two years of declining prices and increasing foreclosure rates, the program may have helped reduce the numbers but it has failed large numbers of homeowners who were eligible for the program. Wells Fargo and Bank of America had enrolled only 6 to 4 percent, respectively, of their eligible borrowers.
To illustrate the minimal positive impact the program has had on the real estate market, ForeclosureWarehouse.com released the following statistics on the small increases in foreclosure home prices in key states.
Between August and September 2009, housing prices in Michigan ($90,330 to $92,136), Massachusetts ($161,283 and 162,972), and Arizona ($208,605 and $211,158) increased between 1 percent and 2 percent. During the same period, California ($346,649 to $347,970), Florida ($220,799 to $222,899), and Nevada ($310,881 and $312,188) saw home prices increase by less than 1 percent.
Some of the highest increases in housing prices were found in Arkansas ($93,593 to $96,282) and in Texas ($110,674 to $115,671): increases of 2.8 percent and 4.5 percent, respectively.
Despite these minimal price increases, the number of foreclosures has started to decline in these states, according to ForeclosureWarehouse.com. California, Georgia, and Michigan saw decreases in foreclosures of 4.7 percent, 3.6 percent, and 6.3 percent.
The largest decreases in foreclosures were seen in Florida (8.21 percent), Arizona (8.91 percent), and Texas (9.46 percent).
More information: http://www.ForeclosureWarehouse.com.
