The number of homeowners falling behind on their mortgages is declining and for the first time in almost three years the end of the foreclosure crisis is finally in sight.
Some analysts feel that the housing market is on a path to recovery, but that it's going to be a very long, slow, gradual process coming back while some economists think that the declining foreclosure numbers maybe showing the beginning of the end of the crisis.
Millions of people are already in foreclosure and deeply discounted houses will put added pressure on home prices for years, but this drop means that the number of people losing their homes will begin to subside. However, some of the pain from the housing crisis will surely persist.
The bad news is that there is still a big problem with foreclosures, but the good news is is that it looks like it may not be getting much bigger.
Thankfully banks are delaying the foreclosure process as they evaluate borrowers who are reaching for help under the Obama administration's $75 billion mortgage-relief effort. The Obama plan lowers borrowers interest rate to as low as 2 percent for five years and then extends loan terms up to 40 years.
Last week, Obama announced while visiting Las Vegas that housing agencies in the five hardest-hit states will receive $1.5 billion to help aid those local housing markets. Those five states are California, Nevada, Arizona, Florida and Michigan.