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Old 10-11-2012, 04:32 AM
 
Location: Florida
77,012 posts, read 47,489,856 times
Reputation: 14806

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Foreclosures fall to 5-year low - Oct. 11, 2012

NEW YORK (CNNMoney) -- The wave of foreclosures hitting the nation's housing market has been much less severe than anticipated, with foreclosure filings at their lowest level in five years last month, according to a report out Thursday.

Foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- were reported on 180,427 properties in September, a 7% decline from August and down more than 16% from a year earlier, according to a report released Thursday by RealtyTrac, an online marketer of foreclosed properties. That's the lowest number of filings since September 2007.


 
Old 10-11-2012, 05:05 AM
 
Location: the AZ desert
5,035 posts, read 9,203,617 times
Reputation: 8289
Quote:
Originally Posted by Finn_Jarber View Post
Foreclosures fall to 5-year low - Oct. 11, 2012

NEW YORK (CNNMoney) -- The wave of foreclosures hitting the nation's housing market has been much less severe than anticipated, with foreclosure filings at their lowest level in five years last month, according to a report out Thursday.

Foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- were reported on 180,427 properties in September, a 7% decline from August and down more than 16% from a year earlier, according to a report released Thursday by RealtyTrac, an online marketer of foreclosed properties. That's the lowest number of filings since September 2007.
[Emphasis mine.]

The key words are "foreclosures hitting the nation's housing market". This is primarily because short sales have increased.

"...when banks opt for short sales, the property never technically enters their inventory. With many foreclosure properties being vandalized and abandoned, these foreclosure homes become a liability for lenders who are unable to sell the homes as quickly as they acquire them. Therefore, short sales become more attractive to lenders with an already large foreclosure inventory." [1]

Additionally, there are foreclosures which haven't hit the market yet, because of the backlog which resulted from the foreclosure abuse claims.

"The pool of foreclosed properties for sale also has declined because many pending foreclosure cases were put on hold last year while banks sorted through foreclosure abuse claims. A $25 billion settlement in February cleared the way for lenders to tackle that backlog of foreclosures, and the number of homes entering the foreclosure process has been rising. Still, those properties, should they end up foreclosed, are not likely to hit the market until next year." [2]
 
Old 10-11-2012, 05:32 AM
 
Location: Florida
77,012 posts, read 47,489,856 times
Reputation: 14806
Quote:
Originally Posted by CheyDee View Post
[Emphasis mine.]

The key words are "foreclosures hitting the nation's housing market". This is primarily because short sales have increased.[2]
Actually it says "The wave of foreclosures hitting the nation's housing markethas been much less severe than anticipated"

Somhow the last part (in blue) was cut off when you did your C/P.
 
Old 10-11-2012, 05:45 AM
 
Location: the AZ desert
5,035 posts, read 9,203,617 times
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Quote:
Originally Posted by Finn_Jarber View Post
Actually it says "The wave of foreclosures hitting the nation's housing markethas been much less severe than anticipated"

Somhow the last part (in blue) was cut off when you did your C/P.
What? Your quote is there, precisely as you wrote it. I highlighted the key words I was addressing.
 
Old 10-11-2012, 05:51 AM
 
Location: Florida
77,012 posts, read 47,489,856 times
Reputation: 14806
Quote:
Originally Posted by CheyDee View Post
What? Your quote is there, precisely as you wrote it. I highlighted the key words I was addressing.
Actually the words "has been much less severe than anticipated" 'somhow' () fell off your highlight and it changed meaning of the sentence. Let's be honest here for a second.
 
Old 10-11-2012, 05:53 AM
 
Location: Norman, OK
3,478 posts, read 7,242,112 times
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You still don't get it, do you? The point is - what is considered a foreclosure?
 
Old 10-11-2012, 05:59 AM
 
69,368 posts, read 64,001,245 times
Reputation: 9383
Um, the chart shows 20 months ago, it was the lowest in 5 years, not now..

see that April 2011.. thats OVER A YEAR AGO
 
Old 10-11-2012, 05:59 AM
 
2,930 posts, read 2,220,884 times
Reputation: 1024
After FIVE YEARS it would seem logical that foreclosures would slow down. After all, there is a rather static number of homes and those who either walked away or bought more house than they could afford are already gone.

Seems logical that foreclosures should slow down over time.
 
Old 10-11-2012, 05:59 AM
 
Location: the AZ desert
5,035 posts, read 9,203,617 times
Reputation: 8289
Quote:
Originally Posted by Finn_Jarber View Post
Actually the words "has been much less severe than anticipated" 'somhow' () fell off your highlight and it changed meaning of the sentence. Let's be honest here for a second.
Do you have a reading comprehension issue? You can use the entire flipping paragraph if you want and it doesn't change the meaning.

Your entire paragraph:

"NEW YORK (CNNMoney) -- The wave of foreclosures hitting the nation's housing market has been much less severe than anticipated, with foreclosure filings at their lowest level in five years last month, according to a report out Thursday."

The reason is because short sales have increased and there are still homes backlogged from the foreclosure abuse claims.

As I posted:

"...when banks opt for short sales, the property never technically enters their inventory. With many foreclosure properties being vandalized and abandoned, these foreclosure homes become a liability for lenders who are unable to sell the homes as quickly as they acquire them. Therefore, short sales become more attractive to lenders with an already large foreclosure inventory." [1]

Additionally, there are foreclosures which haven't hit the market yet, because of the backlog which resulted from the foreclosure abuse claims.

"The pool of foreclosed properties for sale also has declined because many pending foreclosure cases were put on hold last year while banks sorted through foreclosure abuse claims. A $25 billion settlement in February cleared the way for lenders to tackle that backlog of foreclosures, and the number of homes entering the foreclosure process has been rising. Still, those properties, should they end up foreclosed, are not likely to hit the market until next year." [2]
 
Old 10-11-2012, 06:05 AM
 
24,373 posts, read 22,986,934 times
Reputation: 14948
Locally home foreclosures are increasing. Not as bad as the worst of it a few years back, but its going to be worse than last year. Empty store fronts are also not going away. Unemployment is also going up. I think the " recovery" peaked last year, such as it was. Now we're slipping back into recession. Again. Triple dip?
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