New Homes effected by the Foreclosure Surge

ForeclosuresRI President and co-founder, Jeremy Shapiro U.S. new home builders are struggling as they face obstacles in the flood of foreclosures. Due to the downturn in the housing market, new home builders are facing stiff competition from the over abundance of foreclosures filling the market. Philadelphia, courts are taking another stab at the foreclosure crises affecting their city. The pilot program will require mediation between homeowners and lenders. US, restrictions on loan modification are attributed to causing nearly 5.85 million subprime mortgages to go into default over the next year. Law makers are hoping that new legislation urging lenders to modify loans will help to stem surge of foreclosures.

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