Home Foreclosure Filings Down But Is It Artificial?

home foreclosures

According to RealtyTrac, foreclosure filings were down 3% in October, the third consecutive month-over-month dip.  Foreclosure rates are still up 18% compared with October 2008, but the month-over-month decrease followed a 4% drop in filings during September and a 1% fall in August.  “Three consecutive monthly declines is unprecedented for our report, and, on first blush, an indication that the foreclosure tide may be turning,” said James Saccacio, RealtyTrac’s CEO, in a prepared statement.  “The fundamental forces driving foreclosure activity in this housing downturn — high-risk mortgages, negative equity, and unemployment — continue to loom over any nascent recovery,” he said. “And despite all the efforts and resources directed at helping homeowners avoid foreclosure, we continue to see foreclosure activity levels that are substantially higher than a year ago in most states.” Read more