HUD has released its most recent scoreboard of U.S. housing activity, and the data show "mixed signals" about the recovery.
The federal agency said home prices have risen slightly but are still hampered by foreclosures. It added, however, that fewer homes appear to be entering the foreclosure process.
Data showed that 4.4 percent of prime mortgages were at lease 30 days late, compared to last year when 5.9 percent of mortgages were late. Moreover, seriously delinquent prime mortgages, those at least 90 days late or in foreclosure , remained approximately 22 percent below a high of 1.9 million recorded last year.
Confirming that trend, RealTrac's recent Foreclosure Market Report shows that foreclosure activity has decreased on a year-over-year basis in 178 out of the nation's 211 metropolitan areas.
"Foreclosure activity slowed in 2011, especially in the most foreclosure-saturated markets." said James L. Saccacio. RealtyTrac CEO.
"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."
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