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Foreclosure Filings in August 2010 fell 5%

By Nestor Realtor

Real Estate Agent with Coldwell Banker Residential Brokerage

September 17, 2010 11:38 AM

According to RealtyTrac the number of Foreclosure filings in August 2010 compared to 2009 fell 5%. This represents the third month with a declining trend.

In their reports, it appears as the number of foreclosure filings in Connecticut was below the average number of filings nationwide. While one in every 804 households received foreclosure filings in Connecticut in August, the national average was 1 in every 381 homes.

There was an increase of 4% from July to August in the number of properties receiving a foreclosure filing, but still 5% below from what was seen last year, according to James Saccacio from RealtyTrac.

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Carol West

Carol West Real Estate, LLC - Hillsboro, OR

Real Estate Agent, Hillsboro, Beaverton, Portland

Thanks for the update in information. It's good to hear about other markets.

Sep 17, 2010 11:41 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Nestor - Numbers can be as deceiving as pictures. While it is great that those numbers are what they are for August over August but the question I have is what would happen in the markets if the banks put all the houses they are holding as foreclosed on the market as they should? I just want the markets to settle where they will settle so we as agents are not searching for reasons to be market cheerleaders. We sell the market. We do not make the market.

Thank you for the post and keeping us up to date.

Sep 17, 2010 11:48 AM

Nestor Realtor

Coldwell Banker Residential Brokerage - Danbury, CT

www.HomesByNestor.com

Thank you Carol! These were statistics collected and presented by RealtyTrac and they were National numbers. I am trying to find more local numbers to see how MY market is doing.

I partially agree with you Doug :) I think we influence the market...

The offer and demand law dictates most markets, but in a market where everybody wants a quick sale, many agents are actually driving their local prices by providing their opinion. Another factor influencing prices comes from agents representing short sale sellers. Most of these sellers can't care less for the final purchase price, so they list their homes very low, impacting the whole local market.

It seems some banks are still trying to negotiate some programs with homeowners in distress, and I think that is what these statistics may be trying to show. Probably not because of some sort of moral or human caring reason, but maybe because they need/want to improve their public image in these times of financial crisis, or maybe because it may be more cost effective in the long run for them and their stock holders?

Thanks for stopping by and for your comments!!

Nestor

(Edited to add local data) :)

Sep 17, 2010 12:17 PM