Foreclosures are up and foreclosures are down – learn why
July’s RealtyTrac data reveals that foreclosures are up 3.6% from June, making headlines, however foreclosures are down nearly 10% from July of 2009.
The bad news however is homeowners actually in the reposession stage of foreclosure (not just filings or defaults) hit 92,858 homes in July, the second highest monthly number since RealtyTrac began recording.
RealtyTrac’s CEO, James Saccacio notes that for the last year and a half, foreclosure filings have exceeded 300,000 each month.
Although foreclosures are still having a major impact on the residential housing sector, 2010 is looking a little bit better than 2009.
How are foreclosures impacting your local market?
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This article published on Thursday, August 12th, 2010 at 8:32 pm | Contact the editor
Topics: News
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Tara Steele is the News Director at AgentGenius, covering real estate news, technology news and everything in between. If you’d like to reach Tara with a question, comment, press release or hot news tip, she frequently checks her email, simply click the link below.
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- Real Estate Feeds:
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- tlyons:
Foreclosures are up and foreclosures are down – learn why – July’s RealtyTrac data reveals that foreclo… http://tinyurl.com/38uep64
- AgentGenius:
#agnow I believe we are leaving the eye of the storm. And the second wave is building. Just look at the loans res… http://bit.ly/ajmuW9
- AgentGenius:
#agnow Prince George's County, MD is the hardest hit County in the State and there seems to be no let up. I blogge… http://bit.ly/ajmuW9
- AgentGenius:
#agnow "the goverment is only allowing them to release 25,000 to foreclosure as not to sink markets"
It's also i… http://bit.ly/ajmuW9
- melanie wolpe small:
RT @agentgenius: Foreclosures are up and foreclosures are down – learn why: July’s RealtyTrac data reveals that http://bit.ly/ddfaWD
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
I believe we are leaving the eye of the storm. And the second wave is building. Just look at the loans reset graphs out there and you will see what I’m talking about. My personal business of selling homes will be fine. But I don’t believe the sunshine and roses for 2011 that people keep alluding to. I still think it’s ’12 before any measurable, sustainable bounce back.
Prince George’s County, MD is the hardest hit County in the State and there seems to be no let up. I blogged about this on my personal blog (i.e., foreclosures and the “shadow” inventory) and one of my Baltimore colleagues posted this comment on Facebook (where my blog is fed…)
“My REO buddy does lot of work with Chase, they have 125,000 loans in default, the goverment is only allowing them to release 25,000 to foreclosure as not to sink markets, the other 100,000 loans will foreclose across the next couple years…thats just one bank…Get that CDPE!”
As Chris mentioned, the second wave is building.
“the goverment is only allowing them to release 25,000 to foreclosure as not to sink markets”
It’s also in the best interests of the banks. Take BOA, if they have 25% of the houses with a mortgage in any given neighborhood then by selling those at discounts hurts their houses that still have current mortgages. They are quite careful as to not undercut their performing loans.
They’d rather trickle than flood. Whether this is better or worse is up for debate. Should you keep wiggling the loose tooth or just yank it out?