Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Foreclosures Are Down Again- False Hope or Signs of Recovery?

Foreclosures are down this month, up from ’08

dollar billToday’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?

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

14 Comments

14 Comments

  1. 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.

  2. 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”.:)

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Paula Henry

    December 11, 2009 at 8:53 pm

    @agentgenius Foreclosures Are Down Again- False Hope or Signs of Recovery? https://bit.ly/65SIrg

  10. Mark Brian

    December 13, 2009 at 7:10 pm

    Foreclosures Are Down Again- False Hope or Signs of Recovery? https://ow.ly/Ljud

  11. Joe Spake

    December 13, 2009 at 8:06 pm

    Foreclosures Are Down Again- False Hope or Signs of Recovery? https://bit.ly/7nxJFi

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Housing News

(Housing News) It has become a popular notion that a home bought at a tax sale is a steal, but it is not so...

Housing News

(Housing News) Fannie Mae is offering incentives on foreclosures, and while many homeowners are unaware, many agents are as well - time to take...

Housing News

(Housing News) Foreclosure activity shot up in January, driven in part by a sharp increase in post-holiday foreclosure starts.

Housing News

(Housing News) Foreclosures have been a sore spot for the housing market, but 2013 was a turnaround year, with levels dipping dramatically.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.