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DS News Webcast: Thursday 6/16/2016

As foreclosure numbers continue their downward spiral, the data showed that almost half of the nation’s completed foreclosures for the 12-month period ending on April 30, 2016, were locked up in five states, according to CoreLogic. Florida, Michigan, Texas, Ohio, and California combined for approximately 186 thousand out of the nationwide total of 461 thousand completed foreclosures during the year-long period ending in April.

Those five states combined for about 40 percent of the nation’s total of completed foreclosures for the 12 months. The number of 12-month completed foreclosures dropped by about 14 percent year-over-year in April, from 537 thousand down to about 461 thousand. Though Florida still led the nation in 12-month completed foreclosures in April, the number was down by about 40 percent year-over-year, from 106 thousand for the 12-month period ending in April 2015.

Fannie Mae and Freddie Mac have offered several possible solutions for borrowers who received modifications through the government’s Home Affordable Modification Program who are facing increased monthly payments when the interest rates on their modifications reset, according to the FHFA’s 2015 Annual Report to Congress released on Wednesday. Two of those solutions are a pay-for-performance incentive to reduce principal and eliminating the sunset on Streamlined Modification products.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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