Foreclosures plummet
According to RealtyTrac, the number of foreclosures hit a three year low as the number of foreclosure notices filed during the first quarter of 2011 plummeted 27% compared to the first quarter of 2010.
In the first quarter, 681,000 homes with loans got a default notice and 215,046 lost their homes.
“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James Saccacio, RealtyTrac’s CEO.
Party time?
The housing sector is currently hobbling along and many people are looking for and even clinging to any sign of a turnaround, but this not one of those signs. The universally acknowledged reason for the drop in foreclosure filings is that banks are attempting to actually process foreclosure paperwork rather than processing via robosigners, or holding off altogether.
So hold off on the balloons and streamers- the day will come but we’re not there yet.
Thomas A B Johnson
April 14, 2011 at 8:54 pm
Fates are up 10% from the low. Underwriting standards are as tight as the 180's S&L crisis when we had 15% rates. Foreclosures are down because they can't deliver good title on REO's so the shadow inventory is piling up. Fannie and Freddie are about to become the nation's Sec 8 landlord.
MH for Movoto
April 18, 2011 at 12:40 pm
Sounds great, but I'm guessing there's some terrible catch . . . .
Lani Rosales
April 19, 2011 at 12:47 pm
The catch is that they were higher than they should have been in the first place, thanks to robosigners falsely foreclosing on homeowners. The second catch is that it's only a temporary drop as they have foreclosures kind of on hold while they sort out reform of banks.