Does that sound a bit confusing? Stated in that simple form, it is. The reality is that it is an indication that our economy is healing. The High is the number of homes in the process of foreclosure, while the Low is the number of homes in default and being filed upon.
The HIGH At the end of 2010 about 4.63% of homes were in the process of being foreclosed upon, up from the 4.39 percent the previous quarter. However, some of these were the result of the temporary halt to foreclosures that occurred while the lenders reviewed their processes (either voluntarily of by mandate). Property seizures dropped 32$, leaving many “in the process” of foreclosure.
The good news in this is that the increase was caused largely by that process interruption. New foreclosure action filings have dropped to 1.27% for the 4th quarter of last year. And the percentage of mortgages with overdue payments dropped to 8.22, down from the previous 9.13%.
The LOW As mentioned above, the number of mortgages in default has dropped significantly. Also, the number of foreclosure procedures starting has dropped. Both of these are signs that things are getting better.
These numbers are the lowest seen in the last 2 years! That is really great news. Unemployment is still high, the number of home loans in default are still high, and consumer confidence is still low, but these things are improving. That is good. In order for a recovery to last, it must be paced.
Our take on what it means to YOU? Like any set of statistics, these are general indicators. We do know that the positive indicators stimulate more positive growth. And that is a good thing for us all.
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