Hope Now's Numbers Mostly Going In The Wrong Direction

Posted by: Chris Palmeri on September 4, 2009

housing starts.BMP

Hope Now, the alliance of banks, mortgage servicers and non-profit mortgage counselors, came out with its July data this week and the numbers still look bleak.

While the actual number of foreclsoures in the month declined 3% to 89,100, the number of borrowers 60 days or more past due on their loans rose 6% to 3.1 million. The number of folks entering the foreclosure process increased 12% to 283,000.

The group says the number of loans it modified decreased from 93,921 in June to 80,167 in July. The number of borrowers negoatiationing repayment plans also declined to 173,506 in July from 211,882 in June. The group blames the downward trend over the last few months on morgage servicers retooling and refocusing to keep up with the Obama Administration’s latest mortgage modification programs.

One bit of good news: as the chart above shows, the percentage of homeowners in trouble who are actually losing their homes is decreasing from about 48% at the start of the crisis to 38% today.

Reader Comments

GOOD GRIEF!

September 4, 2009 11:13 AM

Let's see...1) bankers get fabulously wealthy (New Robber Barons) making loans to everyone with no job, no money 2) banks go belly up, and our politicians give the bankers Fort Knox 3) bankers now make us 'loans' with our money at usurious rates (getting $ from Uncle Sam between 'Free' or 1%, and making mortgages at 5.5%) which we pay back twice - 1st the bankers, then our Govt's borrowing/stealing 4) bankers become Robber Barons again, while our children and grandchildren twitter 'W-T-F??!!' Smart America....very smart!!! Keep voting for those who MADE THIS ALL POSSIBLE.

amazed at the sun's power

September 4, 2009 9:46 PM

Actually, I believe the money has to be repaid a third time; to the Federal Reserve who print the money and lend it to the government at interest for profit. Great system if you are a banker; not so good if you are a regular taxpayer.

Payback

September 4, 2009 11:43 PM

You didn't say anything during the last 8 years...

carlosbrewer

September 5, 2009 12:37 AM

This whole stimulus package is just part of the governments long term plan to take away the power of the people. Are we going to do something about it or be lazy and think someone else is going to do it for us? It is time for a revolution. We need to overthrow the government and take our power back. Before there is nothing we can do about it. you should check http://www.obamamortgagerelief.org/

Sad Realization

September 5, 2009 10:55 AM

You know..."Good Grief" all but sums it up. Well said.

bogi

September 5, 2009 12:44 PM

Totally agree with GOOD GRIEF! It is a total chaos. In addition our system has (and still is) created a huge class of people who don't want to work but expect money form government (including illegals). This class is leading the country into socialism as we see it happening. If political correctness and skin color is more important than knowledge, experience, and commitment to do good work, this country will fail. Smart people will leave if they will see no way back to basic principles of our economy. Fire the entire government! It is to big, to wasteful, and not working for the people of this country but for itself. Regardless who the party is, democrats or republicans they don't do the job of leading our country into a right direction. Maybe we need a 3rd party, the party of all people. We need a CHANGE!

Mike in FL

September 5, 2009 10:03 PM

You mean the recession isn't over?

The intellectuals in DC haven't fixed anything?

They gave the money to the most abusive/corrupt sectors of our society and forgot/screwed the average guy. Sad, real sad.

GLL

September 7, 2009 1:55 AM

Let's see, name one fundamental structural thing that has been done to change our corrupted financial system since last year? What's that you say, the architects of the financial trainwreck all got bailed out and given even more imaginary money to reinflate the ponzi scheme we call global financing. Why, oh why, does the traditional corporate media (that includes you Businessweek) keep acting like cheerleaders on prozac? Our business press missed the collapse and they are overselling the attempt to get the casino reopened. How about we investigate the international financers, arrest people, fire regulators, and reinstall the great depression laws that were removed to start this mess.

NOT GOOD GRIEF

September 7, 2009 4:59 AM

Anyone can make comments like "GOOD GRIEF".
How about hearing some constructive recommendations to fix what's broken.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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