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News Link • Housing

Foreclosure Activity Falls, but the Worst Isn't Over Yet

"I really wish I could say that looking at a 42-month low in foreclosures action means that the housing market is recovering, and the foreclosure problems are all going away and we should all go about our business and be happy," says RealtyTrac's Rick Sharga. "Unfortunately, those would all be lies." The numbers have been on a roller coaster since the so-called "robo-signing" foreclosure paperwork scandal that unfolded last Fall. Now there are big discrepancies in the numbers state to state, depending on which states practice judicial foreclosures and which don't. The foreclosure timeline is also increasing as more banks and loan servicers focus on short selling distressed properties, which is when the sale price is less than the value of the mortgage. REO activity was down 6 percent overall in non-judicial foreclosure states month-to-month, but some non-judicial foreclosure states posted substantial month-over-month increases. Bank repossessions jumped 79 percent in Georgia, 36 percent in Virginia, and 19 percent in Michigan.

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