News about mortgage foreclosure rates jumping 57% in January 2008 when compared to January 2007 seems destined to dominate today's headlines. But one mortgage expert thinks there might be a silver lining in the gloomy numbers.RealtyTrac CEO James J. Saccacio, whose company performs the analysis for multiple media outlets thinks some promising mortgage news is mixed in with the big number.
"January's foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states," said Saccacio in a statement. "However, the 8 percent monthly increase in January is not as precipitous as the 19 percent spike we saw in January of 2007, and several key states actually experienced decreasing foreclosure activity from the previous month."
RealtyTrac's cautiously optimistic outlook on the mortgage market is worth noting, especially for context. As radios and television blare that 57% number in the coming days, remembering that context may prove very beneficial.
Meanwhile, if you are behind in making mortgage payments, contact the lender and talk with them about how to create a payment plan that keeps you in your home. Your local consumer regulatory agency also has information about appropriate credit counseling services. Don't simply choose one from the phone book or an online search -- get advice from the pros. The FCIC maintains a free online list of consumer agencies on their website.
Labels: FCIC, mortgage, RealtyTrac
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