- On 11:07 am EDT, Tuesday October 20, 2009
Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.
After taking withering criticism for the Department-of-Motor-Vehicles pace of its initial efforts to keep struggling borrowers out of foreclosure, the Obama administration proudly announced last week that it had hit its goal of 500,000 trial loan modifications almost a month ahead of schedule. But with the foreclosure rate hitting a new record in the third quarter, the government's ability to put a meaningful dent in the tally of housing-crisis victims faces renewed skepticism.
Foreclosure filings were reported on 937,840 homes in the three-month period, a 23 percent jump from a year earlier, according to a report real estate firm released Thursday. in September, meanwhile, decreased 4 percent from August but remained 29 percent higher than a year earlier.