Late 2010, according to the Mortgage Bankers Association (MBA), which serves as the national association that represents the real estate finance industry.

Jay Brinkmann, MBA’s the chief economist, recently shared the prediction during the group’s annual conference in San Diego, California.

Here’s a snip via Bloomberg.com:

“Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2 percent in the second quarter…. ‘This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,’ [said Brinkmann]. The effects of the recession, which he said probably ended in July, will linger for ’some time’ in the form of higher unemployment, fewer mortgage originations and lower business development, he said.”

The good news is that there appears to be light at the end of the tunnel.

In addition, it serves as yet another reminder that the “for sale” foreclosure inventory will soon begin to wane as fewer homeowners fall into distress and more buyers flood the market to capitalize on great deals.

Remember, foreclosures are often the first stop for smart house hunters and investors because of their value — you can typically get way more house and pay much less for it the closing table.

Start your search on Foreclosure.com today right here. It’s FREE for seven days. We also provide FREE email alerts, which keep you constantly on top of the best deals that pop up in your area … and you don’t even have to lift a finger. Click here.

“Making Home Affordable” was introduced earlier this year to reduce the alarming amount of foreclosures in the United States.

The $75 billion program provides mortgage lenders with financial incentives to reduce the amount that distressed homeowners owe on their principal home balances, which in turn reduces their monthly payments. It’s a plan that is designed to short circuit the foreclosure process before it begins.

Today, the Obama administration announced the program’s first milestone — banks have so far signed up more than 500,000 borrowers who need to re-work their mortgages. The good news comes three weeks earlier than expected because the deadline to hit a half-million was set for Nov. 1, 2009, according to the Washington Post.

Here’s a snip Shaun Donovan, secretary of the Department of Housing and Urban Development, on the progress:

“We’re very pleased to have reached this goal of half a million borrowers almost a full month ahead of target, but we obviously have a lot more to do.”

Donovan is making reference to the program’s ultimate goal of helping 4 million borrowers by the end of 2012. It’s a lofty and certainly noble goal.

However, the big concern is whether or not the loans that are modified will be sustainable, meaning the homeowners do not find themselves in distressed situations again down the road.

Only time will tell.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.

Attention Florida homeowners who are currently in or are facing foreclosure:

QuickSale^SM has launched a massive nationwide campaign to help distressed homeowners seeking REAL solutions during these troubled times.

Linda Martignetti, with C-21 Tenace Realty Inc., is an affiliate of the QuickSale^SM program and is hosting a FREE consumer outreach seminar on Oct. 13 at the Forum Lodging and Conference Center located at 600 SW 3rd Street in Pompano Beach, Fla. (33060), from from 7 to 9 p.m.

In attendance will be experts who specialize in dealing with stressed and distressed homeowners.

The main purpose of this event will be to provide homeowners with the truth about topics such as loan modifications and the government’s role in this financial tsunami, as well as access points to service providers who can assist.

For more information about this and future events call us at QuickSale^SM (866) 202-8200 ext. 7110 or you can contact Linda at C-21 (www.floridahomesbylinda.com) or (954) 464-5434.

Don’t miss this opportunity to get free foreclosure assistance! Register today before it’s too late.

University of Pennsylvania School of Medicine recently conducted a survey of 250 homeowners in the Philadelphia, Pa., area who are facing foreclosure, revealing that nearly half of them showed symptoms of depression and 37 percent are majorly depressed.

In addition, almost 60 percent reported skipping/delaying meals because they couldn’t afford to eat, 48 percent said they couldn’t afford their medication and 65 percent of smokers are smoking more.

Here’s a snip from the study’s lead author, Dr. Craig E. Pollack:

“The foreclosure crisis is also a health crisis. We need to do more to ensure that if people lose their homes, they don’t also lose their health…. This study raises the stakes of the housing crisis. The policy push to get people into mortgage counseling should be combined with health outreach in order to fully help people during this tremendously difficult period in their lives.”

Perhaps the most troubling takeaway from this report is that it could be “just the tip of the iceberg” — other large cities/metropolitan areas have higher unemployment/foreclosure rates than the “City of Brotherly Love.”

So what can be done to cure this growing mental health problem?

First, do whatever it takes to avoid foreclosure. Use every resource at your disposal, including mortgage counseling agencies and local government assistance programs, to try and workout your situation. Professional foreclosure consultants can also be reached right here.

It’s free help … use it.

If it’s too late and you and/or your head of household are already down in the dumps contact your family physician. Depression is serious and should be treated as such sooner rather than later.

Finally, keep your head up.

Foreclosure is a tough pill to swallow, but over time things will eventually get better. It doesn’t discriminate, affecting all races and colors … even the rich and famous. You’re certainly not alone.

To check out the industry’s most effective solution when it comes to coordinating short sale transactions in record time head over to QuickSale.com.