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?
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