Foreclosure Outlook for 2010

Residential mortgage numbers in default are higher than they have been since the Great Depression. Realty Trac, publisher of the country’s largest database of foreclosure activity, estimates that the numbers will continue to increase through the third quarter of 2010 due to high unemployment rates and the reset of interest rates on large groups of ARM loans in the 2nd and 3rd quarters of 2010. The foreclosure mess has prompted unprecedented legislative activity in 2009 in the individual states, specifically Minnesota and Florida,  and at the federal level which is targeting both the default servicing companies and foreclosure industries. And of course the new RESPA TIL and and HUD-1 forms are an effort to make transactions more apparent to homeowners.   More at  NATIONAL MORTGAGE NEWS