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Foreclosures Drop for Second Consecutive Month
Instead of increasing foreclosures, the latest trend seems to show that foreclosures have fallen for the second consecutive month. The numbers indicate that foreclosures have not fallen to this level since the second month of 2007 and it appears that the trend will continue. Foreclosure filings were down over ten percent from Aug '08 and down a bit less than seven percent from Sept '08.
Homes that had been taken over by lenders, in October, were dramatically down at nearly twenty-five percent from the previous month. The numbers also indicate that foreclosures, in the United States, have not been this low in five months.
What does this mean for the housing market? Real estate experts agree that the drop in foreclosures suggests that we are beginning to see the intitial signs of a housing market on the rebound. More foreclosures are going to take place, but until the market is able to absorb the excess of homes, it will not be able to recover. In addition, the drop is also due to banks and lenders taking efforts to prevent the home for going into forelosure in the first place.
Another factor to keep in mind is the fact ... more
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