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Tuesday, July 19, 2011

Why The Drop In Foreclosures Is Not Good News

According to this delay it's due to the nearly 1 year old foreclosure-gate or robo-signing scandal.
As many as 1 million forecloses that should have taken place in 2011 will be pushed back to 2012, or perhaps even later, according to the experts at RealtyTrac. “This casts an ominous shadow over the housing market, where recovery is unlikely to happen until …  the inventory of distressed properties can be whittled down to a manageable number,” said James Saccacio, chief executive officer of RealtyTrac. Some 1.17 million homes or one in 111 had at least one foreclosure filing in the first half of this year.
Foreclosure filings during the second quarter decreased 32 percent from the second quarter of 2010. In June, fillings dropped 29 percent from 2010, marking the ninth straight month where foreclosure activity decreased on a year-over-year basis.
In January, RealtyTrac had forecast up to 3.2 million foreclosure filings for 2011. Now, due to the processing delays, total filings for the year will be around 2 million, compared with 2.9 million in 2010, according to Rick Sharga, senior vice president at RealtyTrac
Again the long-term prediction...
Some experts say they don’t expect a real turnaround in housing until there is a significant increase in job creation and income. June’s jobs report showed a paltry gain of 18,000 jobs, while the unemployment rate inched up to 9.2 percent

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