According to this Wall Street Journal article, getting down to the "brass tacks" on actual foreclosure numbers can be difficult and different companies are using various methods for counting. I'm always hesitant to take numbers at face value without further analysis of who's doing the counting and how its been conducted.
Houses can often go into foreclosure multiple times as owners go into default and later catch-up on late payments. Additionally, many homeowners have more than one loan on a house for various reasons. This is why counting loan defaults is not entirely accurate if your looking to count actual homes in foreclosure.
Counting bank inventory can be a better method; however, this always results in a time lag as banks, states and state agencies have different resources and procedures for foreclosure.
After reading the article, it makes me wonder: how good is our historical data on foreclosure statistics?
-katie4homes
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