The season of real estate glitches

Mood of the Market

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To quote the Scripture -- and The Byrds: "for everything there is a season." And it seems that we might now be living in the season of the glitch, especially when it comes to the world of real estate and mortgage.Last week, the Obama administration released some numbers reflecting the outcomes for homeowners who have sought loan modifications under the Making Home Affordable set of programs. According to the Treasury Department, about 340,000 homeowners have been granted loan modifications under the program and are paying their modified mortgage payments on time. Sounds great, huh? Well, yes, until you hear that 155,000 borrowers dropped out of the program -- just in the last month! That makes a cumulative total of 436,000 borrowers who have dropped out of the program since its inception in March 2009. Long story short -- that means more people have left the program than those who have managed to receive permanent, successful modifications under it. The banks ofte...