On the upside, while foreclosures are up from previous years, many states have seen consecutive months of decreased foreclosure rates. Some experts say recent legislation, specifically the Obama Administration’s Making Home Affordable Program, has played a significant role in the latest figures.

The program offers homeowners with mortgages guaranteed by Fannie Mae and Freddie Mac the option to refinance at more affordable rates or more affordable payment schedules. The program is back by $75 billion in tax payer funds.

However, the billion dollar question may be “is it working?” According to a recent article on ABC News, “more than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments.”

Proponents of the plan say it’s too early to tell and that many of the modifications are only temporarily. The key to success surely would be making the modifications permanent. However, banks it seems continue to be reluctant in making such changes.