Is the foreclosure storm almost over or
as RealtyTrac suggests in its most recent HousingNewsReport, merely
gathering strength to come roaring back?
Octavio Nuiry, Managing Editor of the Report writes that while foreclosure
activity continues to wane there is a “tetrad” of housing landmines that could
threaten the housing recovery and trigger a surge in defaults, repossessions,
and short sales.
The tetrad consists of defaults in loan
modifications done under the Home Affordable Modification Program (HAMP), Home
Equity Line (HELOC) resets, and 8.1 remaining underwater borrowers and non-performing
loans. The article Housing Landmines: Are Mortgage
Flares Up (sic) Coming Soon? States, “The foreclosure crisis hasn’t
receded, it was intentionally delayed by government manipulation. The can was kicked down the road. And next year, foreclosure activity could