It makes sense to me that the numbers are down. The first to fall were the weakest who bought in outlying areas with NINJA loans and most of the deals in those areas were thus. At the first sign of trouble they walked and values plummeted leading others to walk.
Now we are dealing in the better areas to a larger degree than before. In these areas, people have options, savings, family and the potential to actually earn enough to pay their mortgage if modified. I’ve been saying it for a long time. The easy work in this downcycle is done and its going to be a slow bleed ffrom here on out.
