Since 2006, when the housing market peaked, there have been 6.5 million home foreclosures and there's at least another 4 million or so more homeowners who are on the verge of foreclosure since they are more than one to three months behind in their payments.
Recently new foreclosures have fallen as lenders are drowning in paperwork dealing with the millions of foreclosures that are already in progress.
Since coming to light that many lenders around the nation forced countless homeowners out of their homes trying to get through this foreclosure mess, lenders have come under fire because they tried to speed up the process by cutting corners when they began "robo-signing" documents.
Now these lenders have been ordered them to fix and change their practices and fourteen of the largest lenders have been ordered to come up with new plans to fix this problem and must implement these changes in the next 60 days. Many analysts expect that when these lenders do fix the situation then the pace of foreclosures will once again pick back up.
According to the latest data there is some good news. The number of "early-stage" delinquencies which includes homeowners who are between one and three months behind on their mortgage payments has dropped meaning that the inundation of people getting behind on their mortgage payments may have reached their peaked.