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July 25th, 2008

Foreclosure #’s – Better Than they Seem?

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According to RealtyTrac.com, foreclosures have risen 14% from the first to second quarter of 2008, marking their eighth consecutive quarterly climb. More than doubling since last year, foreclosures have risen 121% on a year-over-year basis.

What struck me as interesting was that according to a July 10 press release from RealtyTrac, foreclosure filings actually decreased 3% in June from the previous month. These numbers suggest that things have improved more than the quarter-to-quarter or year-over-year numbers would have you believe.

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One Response to “Foreclosure #’s – Better Than they Seem?”

  1. Lucia Says: July 28th, 2008 at 2:01 pm

    I concur with Realty Trac for my own neighborhood. In the past 6 months, 30% of all sales were bank sales, and 6 months before that, 16% of all sales were bank sales, but of the current listings 12% are bank sales. This indicates IMO that a bottom is forming. Interestingly enough, market values declined last year and have not declined further this year. The negative effect of foreclosures on the market that was expected did not materialize.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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