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Housing quagmire: Is it time to remove relief?

For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments. Read more…

November foreclosures take a dip

19.12.2007 13:20

NEW YORK (CNNMoney.com) -- A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.

According to RealtyTrac, an online marketer of foreclosed properties, filings fell 10 percent compared with October.

It was the first month-to-month, double-digit drop since April of 2006, although the total of 201,950 foreclosure filings - default notices, auction notices and bank repossessions - was still 68 percent higher than November of 2006.

"[The slowdown] could indicate that foreclosure activity has topped out for the year," James Saccacio, RealtyTrac's chief executive, said in a statement. "But," he added, "the true test of whether this ceiling will hold will come at the beginning of next year when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market."

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