Foreclosures are down this month, up from ’08
Today’s RealtyTrac foreclosure data for November reveals that foreclosure activity is down for the fourth month in a row, dropping 8% from October.
Massachusetts Realtor, Lesley Lambert said, “It is my opinion that while good news, this slow down in foreclosures is temporary. According to the research that I have seen there are more waves of the types of loans that are highest risk for default (ARM) coming up. With these loan rates adjusting payments out of people’s monthly comfort zone and the home values lower than loan amounts, we are bound to see more people walking away from their homes.”
Despite foreclosure activity slowing down, it is still 18% higher than November of the prior year and one in every 417 houses in America are in foreclosure. This is mixed news but perhaps with yesterday’s news that mortgage application volume is up, signs of stabilization are starting to reveal themselves. Is this wishful thinking on my part?
BawldGuy
December 11, 2009 at 11:46 am
Sorry, but false hope. The common sense economist in me says we can’t escape the velcro-like stickiness between defaults/foreclosures and double digit unemployment. Since I strongly suspect unemployment won’t have much movement downward in 2010, foreclosures will probably remain somewhat static. That opinion along with Lincoln’s face on some green paper will get ya some decent coffee and a big oatmeal raisin cookie.
Paula Henry
December 11, 2009 at 3:34 pm
Lani – With all the unresolved shorts sales on the books and banks not getting any better at negotiating them, there is still a long line of future foreclosures out there. Along with the fact, we won’t see a huge increase in non-distressed sales until the available distressed property inventory has declined, we may be waiting awhile for a true “normal” market. Of course, the last few years activity and changes in the market may also indicate a change in the definition of “normal”.:)
Patrick Healy
December 11, 2009 at 4:48 pm
RT @BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? https://ow.ly/KYec
topsy_top20k_en
December 11, 2009 at 4:48 pm
Foreclosures Are Down Again- False Hope or Signs of Recovery?: Foreclosures are down this month, up from ‘08
Toda… https://bit.ly/5W1pQh
Mark Leader
December 11, 2009 at 5:02 pm
RT @BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? https://ow.ly/KYec
Lonni McDonough
December 11, 2009 at 5:13 pm
Things are looking hopeful not dire! BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? https://ow.ly/KYec
Austin Real Estate
December 11, 2009 at 7:16 pm
https://bit.ly/19JCAo Foreclosures Are Down Again- False Hope or Signs of Recovery? https://bit.ly/6H4agE https://bit.ly/19JCAo
Jean Clements
December 11, 2009 at 8:52 pm
RT @agentgenius: With all the unresolved shorts sales on the books & banks not getting any better at negotiating th… https://bit.ly/7nELHo
Paula Henry
December 11, 2009 at 8:53 pm
@agentgenius Foreclosures Are Down Again- False Hope or Signs of Recovery? https://bit.ly/65SIrg
Mark Brian
December 13, 2009 at 7:10 pm
Foreclosures Are Down Again- False Hope or Signs of Recovery? https://ow.ly/Ljud
Joe Spake
December 13, 2009 at 8:06 pm
Foreclosures Are Down Again- False Hope or Signs of Recovery? https://bit.ly/7nxJFi