First, the good news. Citi will halt foreclosures for 30 days during the Christmas season.
The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices.
Then there’s this news. The number of troubled homeowners keeps growing. As USN&WR puts it
Here is another way to look at the issue: the performance of 1.7 percent of home loans improved in October, while 4.8 percent deteriorated.
And there’s no reason to expect a change anytime soon. About 1 in every 7 home loans in the country was either past due or in foreclosure at the end of the third quarter. And don’t expect that to change, as the linked article notes:
While the National Association of Realtors’ existing home sales report shows that the backlog of unsold properties has decreased in recent months, future foreclosure sales will ensure that a steady supply of discounted homes hits the market in coming years.