Thanks to a 10% monthly increase in the S&P/Case-Shiller index – the first increase in seven months – and inventories of existing homes for sale falling to near-normal levels, some media outlets and market pundits are declaring an end to the housing crisis.
However, a San Diego-based firm that assists struggling homeowners with strategic defaults isn't buying it. According to a recent survey of its 7,000 clients, YouWalkAway.com is reporting significant foreclosure backlogs that CEO Jon Maddux predicts will result in lower home values.
"Eighty-five percent of the homeowners we're working with are in pre-foreclosure and have not made a mortgage payment for an average of 14 months," Maddux said.
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