NEW YORK (AP) -- Newfound signs of stability in the
housing market could still be threatened by rising
foreclosures and slow efforts to stop them, according to
two reports released Tuesday.
The Standard & Poor's/Case-Shiller index of 20 major
cities showed the smallest monthly decline since June
2008. The index tumbled by 18 percent in April from the
year before, but for the third month in a row it was not
a record decline. Yearly losses in 13 metros improved
compared to March.
"It seems that some stabilization may be appearing in
some of the regions," said David M. Blitzer, chairman of
the S&P index committee.
But rising foreclosures fueled by layoffs could
derail a meaningful turnaround. The number of homeowners
at least two months behind or in foreclosure jumped in
the first quarter from the previous quarter, a Treasury
Department report said Tuesday.
Defaults from borrowers with good credit contributed
to much of the increase in seriously delinquent loans,
echoing data last month from the Mortgage Bankers
Association. As the recession claims more jobs,
borrowers in good standing are more likely to miss their
mortgage payments.
Efforts to modify home loans have been slow and
easily outpaced by the number of new delinquencies. In
the first quarter, loan companies modified 185,156
mortgages, up 55 percent from the previous quarter. But
the number of foreclosures in process increased to
844,389, up 22 percent.
And nearly one in four borrows who received a
mortgage payment reduction fell behind again within six
months, the report found.
Four months ago, the Obama administration detailed
its "Making Home Affordable" initiative. But progress
has been slow.
"So far (the modification program) isn't showing
large numbers, which tells me that it's not working and
that's a problem," said Patrick Newport, an economist
with IHS Global Insight.
Mortgage companies holding about 20 percent of the
eligible loans still have not signed up for the plan,
according to Treasury.
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(Left to right) Joe Barden, Assemblywoman Audrey Pheffer, Fr.
Jim Cunningham
(Left to right) Joe with NYC Council Member James Sanders, Jr.
and Fr. Jim
Margert senior management: (left to right) Stephanie, Joe,
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(Left to right) Joe with Carlos Velasquez and Fr. Jim
(Left to right) Fr. Jim Cunningham, Sister Mary, Carlos and
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