realtytrac
Foreclosure monitoring firm Realtytrac's latest monthly report revealed that foreclosure activity dropped 35% from July of 2010 to last month -- the lowest in 44 months. But again, the company explained why the decrease is artificial.
Foreclosure activity picked up by 4% in June, and economic problems which include high unemployment and falling homes prices will drive it relentlessly higher. That's bad news for homeowners, but the ripple effect from foreclosures goes beyond their immediate problems, and it will get much worse.
The number of default notices, scheduled home auctions and repossessions declined significantly in February as banks begin to take a more measured approach to foreclosures amid government probes. But the lower numbers are likely only temporary.
Mortgage rates on 30-year fixed loans moved above 5% this week, according to a Freddie Mac report, up from 4.81% last week, reaching the highest level since April 2010. The home market is already up against a number of challenges -- and now mortgage rates may be among them.
Research firm...
U.S. foreclosure filings rose 1% in January 2011 from December 2010, but were down 17% from a year ago.
Las Vegas topped the U.S. foreclosure list for 2010. And while foreclosure activity increased from 2009 in most of the nation's largest metropolitan areas, it actually decreased slightly in the worst hit cities.
Nevada Unemployment: The Worst Gets Worse
6:45AM 1/26/2011
Nevada's unemployment rate hit a new high in December 2010 -- and with home prices continuing to fall, the beleaguered state's problems are far from over.
2010 was an especially tough year for homeowners, according to a year-end report from RealtyTrac. Many foreclosure proceedings, however, were stopped late in the year, which means that as many as a quarter million foreclosure filings could be added to the data in early 2011.
Home Repossessions Plunge 28% in November
6:40AM 12/16/2010
The number of homes taken back by banks fell sharply in November As lenders work to resolve claims of botched paperwork. But even with the decline, the total number of repossessions so far this year leaped to more than 980,000.
Foreclosure Sales and Prices Plunged This Summer
3:45AM 12/02/2010
Home sales tumbled this summer, and foreclosed properties bore the brunt of the pain. Sales of foreclosed homes plunged 31% from the year-ago period -- and 25% from the previous quarter. Prices for these properties also fell more than other homes.
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