7.8.09 Spike in Foreclosures Expected

Due to the government's efforts to stabilize the national housing market, a backlog of foreclosures was created while a moratorium went into effect in order to stabilize housing prices. At this point, many banks are done sorting through homes in foreclosure to help those eligible for a loan modification. Those homes in foreclosure that cannot be re-worked into a new loan will begin to be acted on in the coming months. It remains to be seen how big of a negative impact this will have on the housing market. Read more here.