There are many homeowners that are in need of help. They need to prevent foreclosures and also stop their homes from being sold in auctions. Unfortunately, banks are having a hard time too and they need to make money off of homes which are not current on mortgage payments.
The rate of foreclosure has risen significantly in the past months. When compared to last year, the rates are much higher this year.
The number of new home permits is also dropping because there are so many homes on sale because of foreclosure. Buyers can find lots of bargains on the market now.