► On the Record

“Some analysts have predicted redefault rates as high as 75 percent but today’s report paints a brighter picture of the future.”

– Washington State Attorney General Rob McKenna, on a report released Tuesday by the State Foreclosure Prevention Working Group showing improvements in loan modification programs designed to help homeowners avoid foreclosure. The report came out the same week as the release of disappointing existing and new U.S. home sales figures for the month of July.