Foreclosures Are Lower But For How Long?
As I noted in a previous newsletter and post, the number of foreclosures in the local area have been down significantly since the ‘robosigning’ problems in the fall of 2010 but they are starting to pick up a little again.
It seems that this has also been happening in most areas across the country.
This article from RealtyTrac pretty much confirms this although they get a little dramatic when discussing what the future looks like.
The first quarter total was the lowest quarterly total since the fourth quarter of 2007, when 527,740 properties with foreclosure filings were reported. The report shows one in every 230 U.S. housing units with a foreclosure filing during the quarter….More at RealtyTrac: Q1 2012 Foreclosure Activity Lowest Since Q4 2007
With residential inventory down 30-40% from last year it will probably be helpful to have more properties coming on the market even if they are more foreclosures and short sales. But I still think that due to the continued high level of sales and demand that it will not have an overall negative effect on the market except for possibly slowing any recovery of prices.
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