MN 3rd in the nation for MHA Trial Modifications

Many of our readers are numbers and data fans... so I thought I'd write a short post and link to some interesting reports that we've seen that give some numbers about housing, at both the national and state level, that our readers can dig into:

First, the Treasury has released its "Servicer Performance Report Through October 2009" for the Making Home Affordable Program. The complete report is available here.

That report shows that Minnesota ranks 17th in the nation for the overall number of Trial Modifications initiated under the Making Home Affordable program:

NOW... we've also seen the most recent negative equity report from American CoreLogic (via LoanPerformace.com) ... We'll be posting on the negative equity issue in a later blog post.

The interesting point, for THIS post, is that the American CoreLogic report shows the number of outstanding mortgages, by state. Minnesota ranks # 26th in the country for the number of outstanding mortgages:

IF WE COMBINE THE TWO NUMBERS...

This is where it gets interesting! If we look at the number of Trial Modifications initiated under the Making Home Affordable program AS A PERCENTAGE of ALL outstanding mortgages... Minnesota ranks 3rd in the country!!

Any numbers/data people want to weigh-in on my math skills? (Although trained as an economist... I'm a marketing guy... not a researcher/analyst/numbers guy :) )


As they stand, these numbers speak volumes of the work that our Foreclosure Counseling network does to assist struggling homeowners... and to get the word out about programs and assistance available to Minnesota homeowners! If you're struggling with your mortgage payment, or would like more information about the Making Home Affordable program... visit the Minnesota Home Ownership Center's website here.