ARE FORECLOSURES REALLY ON THE DECLINE

ARE FORECLOSURES REALLY ON THE DECLINE

The number of foreclosures decreased again in June, with 5.8 out of every 10,000 homes counted as a foreclosure.

Foreclosures have been on the decline since January, when 7.9 out of every 10,000 homes were foreclosed on.

According to Zillow, this downward trend will not last, with foreclosure starts seeing an increase following the $25 billion national mortgage settlement.  This is the settlement where a federal judge approved a $25 billion mortgage settlement with five top U.S. banks over allegations of foreclosure abuses and misconduct in servicing home loans, according to court documents.

Foreclosure re-sales have slowed down, showing a decline since February compared to sales in June. This is more than likely due to the lower number of foreclosure re-sales on the market.

Zillow Chief Economist Dr. Stan Humphries says that as we look forward down the foreclosure pipeline we will see foreclosures picking up.  There will be more homes on the market but demand should absorb that increase.


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Phone: 615-582-0909
Dated: July 24th 2012
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