Federal and state programs designed to help homeowners and improve the housing market are falling far short of their goals according to one report released by a federal watchdog. The Special Inspector General for the Troubled Asset Relief Program (TARP), said that just 3% of $7.6 billion available in the Hardest Hit Housing Markets program had been tapped as of December 31, 2011. This program was available in 18 states and the District of Columbia.
Critics say that too much of the resources made available went to help the unemployed to pay their mortgages, rather than for mortgage modifications or principal reductions that would force banks to take a hit. TARP is a $700 billion bailout program that Congress passed in 2008 to keep major banks afloat and help struggling homeowners.
At the same time as debates rage over what to do, what?s working and what?s not, foreclosures have slowed again. In the first quarter of 2012, foreclosures fell to the lowest level in more than four years. However, the number of homes beginning the foreclosure process rose in March for the third straight month according to RealtyTrac.
This developing backlog has been accumulating and is expected to put added pressure on the housing market when banks eventually list these homes for sale. Though the dam may not burst for a month or so, eventually it will. Foreclosure filings were reported on 572,928 properties during the first quarter, down 2 percent from the previous quarter, and 16 percent from a year earlier.
Nationwide, the length of time it takes to complete a foreclosure continued to rise to an average 370 days in the first quarter from 348 days in the previous quarter. However, in some states it?s taking considerably longer:
? New York, 1056 days
? New Jersey, 966 days
? Florida, 861 days
? Illinois, 628 days
There will definitely be plenty of bargain opportunities for real estate investors in the coming months.
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