Foreclosures Decline for Fourth Straight Month
Foreclosure filings fell by 8% in November, making it the fourth consecutive month of improvement in the housing market. There were 306,627 filings last month, according to RealtyTrac, an online marketer of foreclosed properties. That decline follows a 3% drop in October, 4% in September and 1% in August…However, while there are signs of improvement,…
In NYC banks and real estate agencies are buying up all the preforclosed real estate they can for fear of collapsing prices might cause their other properties to lose value. The time of pump and dump are over. Wait when the new home taxes start coming in for the new year. Owning a home will no longer be like having your own ATM.
“making it the fourth consecutive month of improvement in the housing market”
Grossly inaccurate for the reasons above. Pump pump pump pump me [market] up!
***Bid half off peak comps***
How have NYC PREforeclosure numbers changed since Lehman collapsed? These numbers are independent of state/local leniency or bank inventory games. PREforeclosure is the real truth about insolvency.
Anybody?
***Bid half off peak comps***
Foreclosure rate is artificially low due to federal and state action to slow. Look for increased rates early in the new year as banks look to off load much more of their real estate owned properties. Some excellent recent research articles on this lately. Impact on NYC is small with the main pain areas in Florida, California, Nevada and Arizona. These areas hugely skew countrywide results.
yea, and 258,000 of them are in california and florida.
If foreclosures were 18% above November 2008 levels, does that mean that there’s usually an ongoing rate of 260,000 foreclosures NORMALLY, EVERY month???
In other words, What is the trend line number of foreclosures??