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2011-06-16 12:04:46
Real Estate Market recovery..Here Yet?

Daily Real Estate News  |  June 16, 2011  |   Share

Signs of a Real Estate Recovery?
The number of home owners who were put on notice for defaulting on their mortgage payments dropped last month to the lowest level since 2006, RealtyTrac reports.

Meanwhile, foreclosure filings for the eighth straight month also were down as filings fell 33 percent in May compared to a year earlier and 2 percent month-over-month. Also, lenders took back fewer homes in May, the second straight month of declines. And bank repossessions were down in May too down nearly 30 percent over the last 12 months.

Is this a sign of a recovery in real estate, which has been bogged down by a high number of foreclosures over the last several years?

Experts are still cautious. Lingering delays in banks’ foreclosure process may be the culprit for the declining numbers, they say, and not an overall improving picture of the number of home owners facing foreclosure.

'Foreclosure processing delays continue to mask the true face of the foreclosure situation,' says James Saccacio, the CEO of RealtyTrac. 'Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures.'

Overall, banks hold 2 million homes in some stage of foreclosure. Banks are on track to repossess about 200,000 fewer homes this year than in 2010; the projection is 800,000 this year compared to 1 million last year.

Where Foreclosures Are Highest
Nevada continues to lead with the highest rate of foreclosures one in every 103 households received a foreclosure notice there in May.

Here are the top 10 states with the highest foreclosure rate in May:

1. Nevada
2. Arizona
3. California
4. Michigan
5. Utah
6. Georgia
7. Idaho
8. Florida
9. Illinois
10. Colorado

 
Blog Archive
2013-03-11 16:50:44
Discounts of Foreclosures - Recreation Realty

2013-01-29 14:21:11
January 2013 Newsletter - Paul Webb - Recreation R

2013-01-17 11:11:39
Justify the Sale Price of Your Cabin - Recreation

2013-01-17 11:07:02
2013 Housing Predictions - Recreation Realty

2013-01-03 12:04:44
Shadow Inventory Threat Wanes - Bear Lake Real Est

2012-12-14 16:13:21
Credit s for Lenders - Recreation Realty

2012-11-12 12:31:06
Cautious Optimistism in Real Estate - Recreation R

2012-11-07 12:24:41
Obama victory will affect Real Estate at Bear Lake

2012-09-07 11:58:06
Obama will protect the mortgage interest deduction

2012-08-31 13:35:52
Buyers Worried They're Losing Bargaining Power

2012-08-13 14:16:36
4 Reasons To Buy Now

2012-07-18 14:30:58
Inventory numbers are good news

2012-06-14 15:04:18
Another round of increased forclosure and short sa

2012-04-26 17:32:19
Increased activity and sales at Bear Lake

2012-04-24 15:03:41
Are Low Ball offers a thing of the past?

2012-04-02 16:58:37
Is a Forclosure Wave Coming this Summer?

2012-04-02 16:58:37
Is a Forclosure Wave Coming this Summer?

2012-03-23 12:30:56
Home price bottoming?

2012-03-16 13:32:09
Myths about Foreclosed homes

2012-03-12 20:18:54
Forclosure inventory is reducing

2012-03-07 12:15:04
Housing affordability at Record High....Very good

2012-03-06 13:14:58
Short Sale Questions and Answers

2012-02-13 13:17:33
Lender participation in recovery

2012-02-07 10:33:16
More Deals Falling Through

2012-01-13 11:27:18
Record low Mortgage rates

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Penilee 'Peni' Stevens
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