Foreclosure Rates Continue Rising and Housing Prices Continue Falling

NEW YORK, July 10 /PRNewswire/ -- ForeclosureDataOnline.com reports more dark
days ahead for the housing market and for homeowners concerned about losing
their homes. The data collected by the site shows that foreclosure levels
continue to rise and are reaching record highs, particularly in states such as
Michigan, California, and Florida.

The Mortgage Bankers Association released the National Delinquency Survey last
week. The survey reported that the increase in foreclosure rates between
quarters has reached its highest point since 1972 when the records were first
kept. The increase in foreclosures on first time mortgages increased by 36%
between the first quarter 2008 and first quarter 2009. Foreclosure rates have
also increased in many major cities around the country, including Dallas
(7.75%), Fort Worth (6.16%), Detroit (4%), and Cleveland (3%). Throughout the
country, more than 600,000 mortgages have been affected by foreclosure
actions.

In related news, Fannie Mae and Freddie Mac were given authorization by the
Federal Housing Finance Agency to refinance mortgages through the Home
Affordable Refinance Program for properties that are now worth a great deal
less than what is owed on the property. The difference between value and
outstanding debt can now be as high as 25% even though the program was
originally only for homes valued at 5% less than their outstanding mortgage
debt.

This change in policy comes at a time when home prices have plummeted.
According to ForeclosureDatonline.com, nationally, prices have fallen by
one-third since 2006. In key cities, prices have dropped significantly in just
the last month: Chicago (1.8%), Atlanta (less than 1%), Houston (less than
1%), and Denver (3.7%).

While the change may provide some temporary relief for homeowners, the
continuing economic problems facing the country, such as the 9.4% unemployment
rate, may lead to higher levels of foreclosures in the coming months.

More information: www.ForeclosureDataOnline.com.

This release was issued on behalf of the above organization by Send2Press(R),
a unit of Neotrope(R). http://www.Send2Press.com

SOURCE ForeclosureDataOnline.com

Ray Murray of ForeclosureDataOnline.com, +1-718-732-2676,
ray@foreclosuredataonline.com