Foreclosures drop, but it's not really good news...

By
Real Estate Agent with RE/MAX Affiliates

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Robo-signing fiasco skews most recent foreclosure numbers.  RealtyTrac is reporting their largest ever month-over-month decline in foreclosures at 21%.  Year-over-year numbers were similarly drastic as there was a 14% fall compared to Nov '09.  

"[That] forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork," says RealtyTrac CEO James Saccacio.  

Rick Sharga, spokesman for RealtyTrac, says "I wish the report was actually good news," he said. "But it's just an artificial drop. For most borrowers in foreclosure, it will be a temporary reprieve."

Judicial states, where there is an actual judge ruling on the foreclosure cases, saw a much larger drop as compared to non-judicial states with declines of 34% and 7% respectively.  It is surmised that December's numbers will mimic this decline as there is a standard practice among servicers not to foreclose during the Holiday season in addition to this debacle.  

 

Posted by

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Nick Dailey (CDPE) - Short Sale & Investment Specialist - Northern Kentucky & Greater Cincinnati

Helping families in Northern Kentucky avoid foreclosure.  Northern Kentucky MLS listings of homes for sale.  

Website: www.NickDailey.com

Mobile Site: nickd.m.remax-ohio.com

 

View Nick Dailey's profile on LinkedIn

 

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Rainmaker
791,065
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

I politely disagree - RealtyTrac makes their money reporting default data, and if you have visited their website, you will see the data is not 100% accurate.  I prefer to look at the glass as half full...

Dec 17, 2010 01:23 AM #1
Rainmaker
1,970,714
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Find the good news to post. Like a headline with ten top states with lowest FSSR* or something positive. The negative spin, approach causes the fear and real estate buyer fence sitting. All those splinters in delicate places.

*FSSR Foreclosure, short sale, repossession 

Dec 17, 2010 01:34 AM #2
Rainmaker
30,111
Nick Dailey
RE/MAX Affiliates - Union, KY
RE/MAX: Northern Kentucky Real Estate - NKY MLS - Short Sale

Fair enough on both points, but I just don't want to create false hope either with a "foreclosures drop" headline.  Proper reporting of what is behind the numbers is critical.  

Dec 17, 2010 02:25 AM #3
Rainmaker
525,814
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Just another hiccup in a bad trend. Kicking the can down the road.

Dec 24, 2010 11:25 AM #4
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Rainmaker
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Nick Dailey

RE/MAX: Northern Kentucky Real Estate - NKY MLS - Short Sale
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