Foreclosures Down 8% In November
December 11, 2009 |
Gadget
Is this finally good news? According to RealtyTrac, foreclosures fell 8% in
November from October, continuing a four month trend which has seen foreclosures falling each month, though at much smaller percentages. That 8% in November equates to around 306,000 actual new foreclosures listed.
At the same time, even with the fall, the number of foreclosures are still 18% higher than last November’s numbers. Not all of the news was positive, as it was also reported that more than 76,000 homes were repossessed, bringing the figure for the year to over 777,000 homes lost. Overall, more than 3.9 million homes have been foreclosed upon in 2009, with December’s figures still to come.
Nevada,
California, Florida and Arizona continue to lead the pack. Nevada leading with the worst record with one out of every 119 homes being repossessed, although Las Vegas itself has finally relinquished its spot at the top of this list after four months, falling to #5, pushing Merced, CA, into the 1st position with one out of every 83 homes being repossessed. As a matter of fact, the top 3 cities on this list are all in California.
Why the reduction in foreclosures? Some industry analysts speculate that many government plans are making a dent in some of these issues,
especially loan modification, although it’s been shown that getting these loans approved has been slow in being approved. Others believe that the overall housing market is showing signs of recovery, which means more people are able to sell their homes before being foreclosed upon. RealtyTrac spokesman Rick Sharga doesn’t believe that, however, stating “I really don’t believe we’re looking at a trend that
suggests the problem is going away. Much of the drop was
artificially induced.”
I stick with my personal belief that foreclosures are slowing down because so many homes have already been foreclosed upon that only the
diehards who have been able to work miracles are left. I hope that unemployment continues taking a dip and more people are able to get new jobs, because that will be the true signal that maybe things are finally ready to turn around.
Is this finally good news? According to RealtyTrac, foreclosures fell 8% in November from October, continuing a four month trend which has seen foreclosures falling each month, though at much smaller percentages. That 8% in November equates to around 306,000 actual new foreclosures listed.
At the same time, even with the fall, the number of foreclosures are still 18% higher than last November’s numbers. Not all of the news was positive, as it was also reported that more than 76,000 homes were repossessed, bringing the figure for the year to over 777,000 homes lost. Overall, more than 3.9 million homes have been foreclosed upon in 2009, with December’s figures still to come.
Nevada, California, Florida and Arizona continue to lead the pack. Nevada leading with the worst record with one out of every 119 homes being repossessed, although Las Vegas itself has finally relinquished its spot at the top of this list after four months, falling to #5, pushing Merced, CA, into the 1st position with one out of every 83 homes being repossessed. As a matter of fact, the top 3 cities on this list are all in California.
Why the reduction in foreclosures? Some industry analysts speculate that many government plans are making a dent in some of these issues, especially loan modification, although it’s been shown that getting these loans approved has been slow in being approved. Others believe that the overall housing market is showing signs of recovery, which means more people are able to sell their homes before being foreclosed upon. RealtyTrac spokesman Rick Sharga doesn’t believe that, however, stating “I really don’t believe we’re looking at a trend that suggests the problem is going away. Much of the drop was artificially induced.”
I stick with my personal belief that foreclosures are slowing down because so many homes have already been foreclosed upon that only the diehards who have been able to work miracles are left. I hope that unemployment continues taking a dip and more people are able to get new jobs, because that will be the true signal that maybe things are finally ready to turn around.
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Tags: Foreclosures
