Foreclosures on the rise - KWWL - Eastern Iowa Breaking News, Weather, Closings

Foreclosures on the rise

WASHINGTON (AP) -- Fewer troubled homeowners are receiving assistance with their mortgages as government efforts to prevent foreclosures are slowing.

About 470,000 homeowners received help on their mortgages in the July-September quarter, federal regulators say.  That's a 17 percent drop from the previous quarter and a decline of 32 percent from the same period last year.  The pool of homeowners eligible to have their mortgages modified is declining, federal officials say, as banks have concluded many distressed borrowers can't be helped.

That is pushing up the number of foreclosed homes, which keeps home prices low.  The number of completed foreclosures rose by 11.2 percent in the third quarter compared to the previous three months, according to a report from the Office of the Comptroller of the Currency and Office of Thrift Supervision.

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