The FHA default rate at the end of 2009 came in 9.1% versus 6.5% the year before.  While most media reports tout a recovering housing market, default rates on loans originated in 2007 and 2008 towards the end of the easy credit period are threatening to unleash another devastating wave of foreclosures.

According to the Washingtong Post, this wave of defaults could bankrupt the FHA for the first time ever - requiring tax payers to pick up the bill.

More from the Washington Post:

Rising FHA default rate foreshadows a crush of foreclosures

A management company, they can advise you on all the regulations and sort out the legal contracts etc... for you.

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Las Vegas home prices fell 34% year over year due to the large % of foreclosures making up the bulk of sales.

Bloomberg Article on Las Vegas home prices

Current List of Las Vegas / Clark County Foreclosures and Distressed Properties

Fannie Mae has announced a new policy by which they may give homeowners facing foreclosure the option to rent their homes instead.    The new program called "Deed for Lease" will allow borrowers to transfer ownership to Fannie Mae and sign a 1 year lease with the option to extend on a monthly basis thereafter.  The program is intended to help borrowers who don't qualify for a loan modification remain in their home.

For more information on the program, visit  Fannie Mae's official Deed for Lease site

Though we've not seen it ourselves, we're hearing more and more reports about banks applying new restrictions on the financing buyers of bank owned property are using. 

Now here is an example where the selling bank made financing through that bank a condition of the sale.

Las Vegas led the nation with the highest foreclosure rate in the 3rd quarter of 2009.  Cities in California and Florida follow close behind.

New spikes in Foreclosures also appeared in Chico, California and Reno, Nevada.

Among the top 50 cities with high foreclosure rates, Boise City, Idaho; Salt Lake City and Provo-Orem, Utah saw the biggest jump in foreclosures over the same period.

In these dire times so many people are faced with decisions regarding finances, home ownership, and employment. Home foreclosure is increasing all over the country. Why aren't the banks doing more for these people? I thought the president and the banks we're working on stopping foreclosures. I thought we had bail out money set aside to help people refinance. I'm sure someone is lining their pockets.

Thousands of people who have received mortgage modifications are ending up with higher monthly mortgage payments and bigger mortgages.  In fact, the majority of people who've received mortgage modifications have seen their principle balances go up.

More from USAToday.com:

Mortgage Modifications don't Always Help

Thousands of foreclosed homes are flooding the market and could remain a drag on home prices across Iowa for years to come.  By 2012 over half a million Iowa foreclosures are expected to hit the market at drastically lower prices than existing occupied homes. 

Foreclosure sales hurting Iowa home prices

Though the foreclosure crisis started largely due to subprime loans and an absence of prudent lending standards, economists are now saying that rising unemployment will overtake subprime lending as the primary cause of foreclosures.

Unemployment spike leading to more foreclosures