Think the real-estate market is on the rebound. The foreclosure numbers sure don't paint a recovery picture. Today, RealtyTrac released numbers which show that foreclosures were above 300,000 for the eigth month in a row.
A Bloomberg article says:
A total of 332,292 properties received a default or auction notice or were seized by banks in October, up 19 percent from a year earlier, Irvine, California-based RealtyTrac said today. One in every 385 households received a filing. The tally fell 3 percent from September, the third consecutive monthly decline.
In addition, foreclosures and government stimulated home purchases account for as much as 50% of home sales. The good news is that this may be the market clearing we need before prices can start to firm and even move up a bit. Still, home owners shouldn't expect the 20-30% price appreciations we saw earlier in the decade.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment