A quick search of foreclosures in the Los Angeles area of Southern California last week showed 1,220 homes listed in 24 hours. While that seems like a high number it is not a record and sadly it is almost becoming an average number of listing. Now we did see a slow down in foreclosures starting back in November when all the banks and lenders started putting a freeze on their foreclosures proceedings. If you are a homeowner who could be in trouble, the freeze on foreclosure proceedings was probably a relief. The new loan modifications that are out there are going to help many people but is it really going to help the majority?
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With the economy continuing it's free fall, despite the holiday push in retail sales. The US unemployment rate saw a rise to 7.2 percent last month with the loss of 524,000 jobs. This is the highest in almost 16 years rising from 4.9 percent in December 2007. With so many people unemployed and the expected unemployment rate continuing to rise, the foreclosure rate is still going to be going to be on the high end. Even with the help of a loan modification and the proposed Federal Stimulus package from President Elect Obama, many homeowners may still face foreclosure.
So how are people trying to fend off foreclosures? Many homeowners are trying to save as much as possible. They are selling their investments, cutting back on spending and even renting out some of their rooms. The number of roommates wanted in the classifieds has gone up. Consumer spending has gone down as people try to pinch every penny they can get out of their paychecks if they are getting them. Consumers are spending only on the must haves now instead of the wants. Even if you aren't faced with a foreclosure possibility, many people are cutting back on everything with the hopes of being able to ride this recession through as unscathed as possible.
It is a vicious cycle that we are currently living in. With the unemployment rate up and consumer spending down, the economy will need a big push to recover. Some homeowners will find a temporary relief from the foreclosure tornadoes that are ripping through some communities through the new loan modification plans. Unfortunately, foreclosures are going to be inevitable for some homeowners who just are too far in debt. And it will be a while before we can say we are seeing the end in sight when in comes to foreclosures being listed in the thousands.
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