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Foreclosure Filings on the Rise

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    Supreme Lending executive director Rodney Anderson weighs in on the mortgage and lending market.

  • Duration 2:51
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-- all right foreclosure filings are on the rise -- nearly 60%.

Of the major US cities in the first half the year realty track reporting many areas could see more distressed homes.

Coming to market later this year pending home sales dropping in June down almost.

A percent a half from the month before.

Joining me now from Dallas Rodney Anderson of supreme lending thanks for being with us -- now this spike up in foreclosures.

Could actually good news -- really get it out the system -- done away with.

Absolutely after the mortgage settlement agreement.

Now lenders are starting to foreclose faster Dennis there were people stuck in homes that were and that haven't made mortgage payments and sometimes one year or two years and so what's good that this is moving through the process because one of the things that's really hurt -- The housing market right now is the lack of inventory on the ground and that means an existing homes.

And also in new homes because builders are starting to pound these things yes new home sales were down yesterday.

But builders can't build -- homes fast enough.

For the supplies are for the demand that's out there.

Does it mean though that it was kind of a bad idea even -- well intended for government to try to cut down on the number of foreclosures and give assistance.

No I mean I actually they need to -- -- right yes it was bad that they try to get more assistance.

Because the mortgage modification program was one of the worst that device programs out there.

We just needed to take a lot of these loans get -- into foreclosure because the modification process Dennis.

All it did was add fees.

To the back end of the loan and put these people more upside down but I will tell you you came out today in your -- mortgage rates are moving lower.

Dennis we don't need mortgage rates to move any lower the banks and the lenders are so overwhelmed with business right now that if you call a bank to get a hold loan.

On a purchase it's taken them 45 to ninety days to even get along close.

Just right I would zillow came out this week -- I hate the hot housing bottom this year the rebound is on the way back.

Prices up over a year ago and second quarter for first time in five years.

Where do you think we are in this housing recovery or lack of.

Well we are in a housing recovery but we're at the beginning of the second -- we've started to see the first city in the level and out but now we're starting to hit singles and pretty soon we'll start hitting doubles and then we'll start hitting some.

Triples and some home runs down the road but I -- -- tell you -- the supply in our business I mean that demand is so.

Extreme right now for people buying homes I've I had a client that put their home on the market last Saturday they received eight -- in one day.

That we'll tell you that we're starting to see a healthy.

Housing market -- that second inning dude this is up fourteen to -- on this housing slump.

And we need an end thank you very much -- -- Rodney.

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