Foreclosures Down — But Are They?
June 12, 2009, Writen by: Chris Anderson, Ph.D
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We are getting some more mixed news this morning on national foreclosures. On one hand, foreclosures have dropped compared to last month. On the other hand, the number of foreclosures is above 300K which is still a HUGE number historically. Now that the foreclosure moratorium is beginning to lift, we will definitely see some of this type activity for a while.
In today’s Washington Post, they write:
Foreclosure filings fell in May compared with the previous month, but remain at elevated levels, according to data from RealtyTrac released today.
The firm counted 321,480 filings nationally, which can range from default notices to bank repossessions. That was down 6 percent from April, but an increase of nearly 18 percent from May 2008. RealtyTrac, a private firm, says its data include more than 90 percent of U.S. households.
Despite the dip, this was the third month in a row that foreclosure filings exceeded 300,000 and the third highest monthly total since the firm began collecting the data in 2005, according to RealtyTrac. The company estimates that in a normal market, filings would fall to under about 100,000 a month.
As we move forward through the coming months, we will continue to see a lot of mixed data such as this.
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