Foreclosures are still spiraling out of control on the housing market.The good news that pending home sales are up has been overshadowed by the fact that the tide of foreclosures continues to rise. According to Mish’s Global Economic Trend Analysis, prime loan delinquencies have doubled, and foreclosure filings have exceeded 300,000 for three months in a row. However, there are hopes that the foreclosures will begin to subside as Barack Obama’s foreclosure prevention measures begin to bear fruit. Bloomberg reports on some of the hopes for the housing market future:

“I’m very concerned about the rise in delinquent mortgages and foreclosure actions,” Comptroller of the Currency John Dugan said in a statement with the report. President Barack Obama’s plan to create “sustainable, payment-reducing modifications is a positive step that should show significant benefits in the coming months,” Dugan said.

For homeowners trying to sell their homes fast, this represents yet another stumbling block. It is hard to compete with distressed homes, and as long as there is a glut of foreclosures on the market, other types of homes will have a harder time making headway.