Foreclosures dip in November
Is it real or a mirage? That’s what mortgage and real estate pros are asking themselves following the news that the number of foreclosures actually dropped in November.
RealtyTrac, an online markeplace for foreclosure properties, on Dec. 19 released its latest foreclosure report. According to the numbers, foreclosures dropped 10 percent from October to November. RealtyTrac counts default notices, auction notices and bank repossessions in its foreclosure data.
The news is significant because the 10 percent drop represents the first time since April 0f 2006 that the amount of foreclosure activity did not increase from one month to the next.
Overall, the country saw 201,950 foreclosures in the month of November. While that is a drop from October, it is still an amazing 68 percent higher than the foreclosure totals of November in 2006.
Is this the start of something good? Will foreclosure numbers continue to drop? The chief executive officer of RealtyTrac doesn’t think so. In a written statement he said that he expects foreclosure activity to increase again at the beginning of 2008.
Unfortunately, he’s probably right. Too much else is going wrong with the housing industry for foreclosure activity to continue falling.
Enjoy the good news while you can. I’d be prepared for some bad foreclosure numbers in early 2008.
Tags: auction-notice, default-notice, foreclosures, RealtyTracRelated Stories
POSTED IN: Breaking News, Buying a Property, Foreclosed Properties, Insights and Commentaries, Mortgage
2 opinions for Foreclosures dip in November
Joseph
Dec 21, 2007 at 12:02 pm
Yea, everything I have heard or read indicates that the foreclosure saga is far from done. There are still tons of people that got locked into Adjustable Rate Mortgages that will be resetting. Its definitely not a good situation.
Dan
Dec 21, 2007 at 12:08 pm
Hi, Joseph:
Thanks for your comments. Yes, unfortunately, I think we’re going to see a lot of new foreclosures as 2008 begins. There are just too many people who stretched themselves too much financially to get into that bigger, more expensive house. Do you think the real estate community and consumers will learn a lesson from this mess?
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