FOR IMMEDIATE RELEASE: (of interest to editors covering: Reports/Studies, Economy, Real Estate, N.Y. Business) Foreclosure and Mortgage Rate News Shows Little Hope the Housing Crisis is Near an End NEW YORK, N.Y., June 22, 2009 (SEND2PRESS NEWSWIRE) -- According to ForeclosureWarehouse.com, reports in the media have focused largely on small improvements in the real estate market in order to restore confidence to prospective home buyers. However, careful analysis of the data suggests the sluggish market and reduced home prices are not going anywhere any time soon. According to Jacob Christensen, from ForeclosureWarehouse.com, foreclosure rates in several states between the end of April and the end of May 2009 increased. In Ohio and Arizona, the foreclosure rates increased by more than 3.5 percent while increases in Michigan were close to 2.5 percent. A few states have seen mild declines in the numbers of foreclosures being reported, but these have frequently been seen in the states that had the higher numbers of foreclosures, such as Florida (-1.99 percent) and California (-1.12 percent). The data continues to suggest the housing market is not yet in recovery. These findings are contrary to the predicted outcome. Because the high number of foreclosures has glutted the market with unsold properties, the prices have decreased. In California, for example, the average home price decreased by nearly $200 just between April 30th and May 30th. Other states have seen similar decreases during that period: Michigan ($900), Ohio ($600), Florida ($300), and Georgia ($100). These prices have been steadily falling since the housing market began crashing two years ago. These reduced prices were expected to prompt an increase in home purchases. The problem is mortgage rates have increased and have made home buying less desirable and less affordable for the average consumer. Mortgage rates for a 15 year loan increased from 4.82 percent in the middle of May 2009 to 5.25 percent just one month later. Thirty-year mortgage rates increased from 4.86 percent to 5.72 percent during the same period. Without a decrease in these rates or a significant reduction in foreclosures by state, the prices for homes should continue to decrease. More information: http://www.ForeclosureWarehouse.com . *(LOGO 72dpi: Send2Press.com/mediaboom/09-0324-FCwarehs_72dpi.jpg) All trademarks and service marks are the property of the respective parties. Send2Press(R) is the originating wire service for this story, Copr. 2009. NEWS SOURCE: ForeclosureWarehouse.com # # # // RELEASE END // MEDIA ONLY CONTACT(S): [ contact info below not for publication online or in print ] Jacob Christensen ForeclosureWarehouse.com +1-646-502-9455 support @ foreclosurewarehouse.com //Note to editors: * Print-ready images may be requested from the above media contact. ......... Plain Text Copy, and Story Permalink: http://www.Send2Press.com/mediadrome/2009-06-0622-003BP.txt Release PDF: http://www.Send2Press.com/mediadrome/news_2009-06-0622-003BP.pdf Get our full-text news via RSS: http://www.Send2Press.com/RSS2/rss.xml RSS feeds by news topic: http://feeds.send2press.com/idx_RSS.shtml Add our news to your blog or Web site automatically: http://feeds.send2press.com/ ......... Text provided by news source (and/or the source's authorized agency), who is solely responsible for accuracy and legality of content transmitted. ......... This news story from Send2Press Newswire may be redistributed and re-posted in part or in whole by members of the media. Copr. (c) Send2Press, a unit of Neotrope(R). For news aggregation sites, blogs, and bureaus, you must retain Send2Press as the original wire service source. You may capture and self-host images linked to in above release, but do NOT stream from our server. ......... The original version of this release was issued on behalf of the above organization (the "news source"), by Send2Press(R) Newswire, a service of Neotrope(R). http://www.Send2Press.com/ ......... JUNE 2009 Press Release / B-NAT US=NY / pre = / PRT = fcwarehse / ytv = / agency = /END/