Mods Flat in May

Loan modifications were flat in May compared with the previous month, while foreclosure sales dipped, according to the latest numbers from Hope Now, an industry alliance of mortgage servicers, investors and counselors.

Permanent loan modifications totaled 85,000, little changed from the month of April when modifications totaled 86,000.

Of the total, roughly 32,398 modifications were completed under the government's Home Affordable Modification Program, a 12% increase from April.

Proprietary modifications, which totaled 53,000, fell 7%.

Foreclosure sales totaled about 68,000, down 7% from April. Foreclosure starts, however, increased, rising 8%, to 176,000.