HOPE NOW reported a monthly decline in foreclosure sales and projected that 2 million modifications will be executed next year.
Foreclosure sales totaled 69,075 last month, HOPE NOW reported today. Sales fell from 80,254 in October. Year-to-date, 861,808 foreclosure sales have occurred.
During November, 207,648 foreclosures were prevented, falling from 229,027 in the prior month. So far in 2008, 2,039,579 foreclosures were prevented, and for all of 2008 HOPE NOW projects its members will prevent 2.2 million foreclosures.
HOPE NOW — an alliance of mortgage market participants, mortgage servicers and counselors — said 99,823 modifications were completed last month, declining from 104,146 in October. Modifications completed from January through November were 856,628 and are forecasted to reach 950,000 this year and 2 million next year.
The group expects to have sent 2.9 million letters to at-risk borrowers for the year by Dec. 31.
“No one did more to prevent foreclosures in 2008 than HOPE NOW,” the group’s Executive Director Faith Schwartz said in the statement.