Media Reports REOs Are On The Decrease But Up Over Last Year According To LPS

According to the Lender Processing Services (LPS) Mortgage Monitor report as of March 2010, over seven million mortgages in the US are in a REO status. In fact, REOs are at their highest numbers since 2008. The media reports that the REO levels are down from February 2010, and this is true, but according to LPS REOs are up 15% over this same time in 2009. The same is true with the number of actual foreclosures. The media reported that foreclosures were down in March from February, which again was true, but again LPS reports foreclosures are up almost 33% over this same time in 2009. So although the current REO trend is moving downward, the road to recovery is still a long one. The good news is that there appears to be a silver lining. The rate of homeowners in early arrears converting to REO status and foreclosures is decreasing, likely attributed to the Home Affordable Modification Program (HAMP).

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