Thursday, June 17, 2010

New Valley foreclosure filings lowest since July 2008 + May foreclosure rate steadies as banks hold back

[mEDITate-OR:

not see that as builder are slowing down new construction.

and existing home owners are taking their listing back off the market.

banks & lenders are slowing down foreclosures.

Some may believe that this is progress, but it is not, necessarily.

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JGBHimself
Jun-09 @ 10:32 PM

In Separate news reports we are told that new home starts and permits declined substantially this month. We are also told that existing home sellers are taking their home listings back off the market with the loss of the Buyer Tax Credit.

They also told U.S. last week and this that mortgage applications for both purchases and refi's are down - purchase apps at 13 year lows.

Why, precisely, would you expect banks/lenders to continue to flood the RE markets with new foreclosures?

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JGBHimself
Jun-09 @ 11:27 PM

Bloomberg, which is very often reprinted by AZRep, tells U.S. today:

U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state - Bank repossessions climbed 44 percent from May 2009

Arizona had the second highest rate, at one in 169 households, or more than twice the U.S. average.

Ten states accounted for more than 70 percent of all U.S. filings - Arizona (ranked fourth) at 16,097

Maybe if we too were a spin "doctor" from ASU we could like these numbers.

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US Home Seizures Jump 44& to Record as All States Show Rise

http://www.businessweek.com/news/2010-06-10/u-s-home-seizures-jump-44-to-record-as-all-states-show-rise.html

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