Foreclosures Are Down Again- False Hope or Signs of Recovery?
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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This article published on Friday, December 11th, 2009 at 12:01 am | Contact the editor
Topics: Economy, News, Real Estate
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
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.
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”.:)
RT @BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? http://ow.ly/KYec
Foreclosures Are Down Again- False Hope or Signs of Recovery?: Foreclosures are down this month, up from ‘08
Toda… http://bit.ly/5W1pQh
RT @BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? http://ow.ly/KYec
Things are looking hopeful not dire! BHGRealEstate: Foreclosures Are Down Again- False Hope or Signs of Recovery? http://ow.ly/KYec
http://bit.ly/19JCAo Foreclosures Are Down Again- False Hope or Signs of Recovery? http://bit.ly/6H4agE http://bit.ly/19JCAo
RT @agentgenius: With all the unresolved shorts sales on the books & banks not getting any better at negotiating th… http://bit.ly/7nELHo
@agentgenius Foreclosures Are Down Again- False Hope or Signs of Recovery? http://bit.ly/65SIrg
Foreclosures Are Down Again- False Hope or Signs of Recovery? http://ow.ly/Ljud
Foreclosures Are Down Again- False Hope or Signs of Recovery? http://bit.ly/7nxJFi