Who do you believe? these days there are a lot of conflicting opinions about housing and the economy.
According to The Wall Street Journal, Nick Timiraos (11/22/2010): Shadow Inventory Increases Likely
The volume of bank-owned properties and potential foreclosures not listed for sale is up 10 percent to 2.1 million compared to August 2009, according to new estimates from research firm CoreLogic.
Together with the 4.2 million inventory of listed homes, which is unchanged from a year ago, CoreLogic estimates the supply of homes at 6.3 million or about 23 months at the current sales pace.
Some experts say these numbers are conservative. Analysts at Barclays Capital believe there are another 3.76 million homes somewhere in the foreclosure process, down from a peak of 4.22 million at the end of February.
But, According to The New York Times, David Streitfeld (11/18/10): Foreclosures Are Falling
Fewer homes are falling into foreclosure, the Mortgage Bankers Association reported Thursday.
The percentage of homes that entered some stage of foreclosure in the third quarter fell to 13.52 percent compared to 14.42 percent in the second quarter in part because of state and federal investigations into procedural errors, the bankers said.
Mortgages more than three months overdue also fell during the third quarter to 8.7 percent of all loans, down from 9.11 percent in the second quarter.
The bankers say it is too early to know whether this represents a positive trend because once the foreclosure investigations grind to a halt, foreclosure activity will pick up.
Elizabeth Duke, a Federal Reserve Board governor, testified that the Fed expected about 2.25 million foreclosure filings this year and in 2011, and 2 million in 2012. "They will remain extremely high by historical standards," Duke said in a prepared statement.
Opinions are like belly buttons.....everyone has one. I think the number of foreclosures in Ashland will not increase.
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