28% increase in forclosurs nationwide over last November. However, there is a 7% decline from October.
Realty Trac VP
Realty Trac CEO not optimistic about future:
"Foreclosure activity in November hit the lowest level we've seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders," said James J. Saccacio, chief executive officer of RealtyTrac. "There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months."
What will the spring market be like in 09 if there is another wave of foreclosures hitting the market??
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