A Flood of New Foreclosures?

The number of Bay Area homeowners who can’t pay their mortgages continued to rise last month, while the number of actual foreclosures declined, the CoCo Times reports. The conflicting news indicates that the Obama administration’s loan modification program may be working. The program is designed to help people who can’t make their mortgage payments avoid foreclosure. But some experts warn that the program may be just delaying the inevitable.