Foreclosure Activity Falls, But For How Long?
In its latest report, RealtyTrac announced that foreclosure activity fell on a year-over-year basis in 84 percent of metro areas with at least 200,000 residents.
That's the good news. The real question is how long will it last?
According to the company's mid-year report, cities in
Also posting foreclosure rates ranking among the top 20 were Boise City-
"Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used," said James J. Saccacio, chief executive officer of RealtyTrac. "The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes --
"These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings -- and sometimes by both," he added.
Despite a decrease in foreclosure activity from both the previous six months and the first half of 2010, the
While it didn't come close to the top of the list,
Housing economists agree that today's foreclosures are, for the most part, the result of the stagnant economy and stalled job creation. The subprime and exotic mortgage issues have been, for the most part, flushed from the system. These foreclosures are the result of homeowners losing their jobs, or finding replacement jobs that bring in less income.
And without income, it's hard to make your mortgage payment.
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