They are the result of the Mortgage Metrics report for Q4 of 2009, and the results are distressing.
Serious delinquencies continue to rise – in the 64% of the market covered by Mortgage Metrics, there are now about 3.4 million loans either seriously delinquent or in the process of foreclosures. Completed modifications actually declined in each of Q2-Q4 of 2009. (Foreclosures have been flat).
Thus, as this chart suggests, the various programs amount to little more than window dressing hiding the underlying weakness of the Real Estate market
chart courtesy of Clear On Money
More charts after the jump:
The Treasury is now putting more emphasis on short sales, which approximately doubled from Q4 2008 to Q4 2009 (these numbers are small relative to foreclosures).
Re-default rates improved marginally, but remain above 50% after 12 months:
The the supply of better qualified candidates are being depleted: