It's Over, So Don't Worry, Be Happy
The title of this article from the Herald Tribune: "Far fewer foreclosure filings"...
not surprising that reading the content indicates exactly the opposite.
Jack McCabe, a Deerfield Beach-based real estate analyst, argued that any slowdowns (in foreclosures) are temporary because there is such a backlog.
To McCabe, what is more troubling is that some banks seem to be intentionally slowing down the process to avoid having to pay the costs of ownership that come with repossessing a property.
"They're letting them lay in limbo so they don't have to pay costs involved with taking them back," he said,
adding that the market could face an even longer recovery because inventory will linger.
Monthly foreclosure rates in the region have been volatile, leveling off or decreasing during the first quarter when a government moratorium on new foreclosure filings was in place, then generally rising.
The August decline also could be explained by banks for another reason, said Christi Phelps, president of the Venice chapter of the Women's Council of Realtors.
"You are seeing a lot of properties going under contract before they go into foreclosure," she said.
The reason the same thing is playing out to a lesser degree in Manatee and Charlotte is because those communities have seen more people merely walking away from their homes after losing their jobs, Phelps said.
In Florida, foreclosure filings -- default notices, scheduled auctions and bank repossessions -- rose 10 percent from July and 42 percent from a year ago.
Nationally, filings dropped less than 1 percent during August when compared with the previous month but rose nearly 18 percent from a year ago.
"We also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time," said James J. Saccacio, RealtyTrac's chief executive, in a statement.
Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness:
"Florida is in the midst of a second wave of foreclosures tied to unemployment more than junk mortgages."
"It's different in many ways from the early foreclosures, which were people getting into teaser rates and trying to flip a home or refinance before the mortgage reset, but getting caught," Snaith said.
"Now we're seeing much more of the traditional type of reason someone goes into foreclosure -- they lose their job and can't afford their mortgage payment anymore."
Snaith said unemployment rates in Florida could stay in the double digits for a couple of years,
"so that's adding more inventory to the pile of foreclosures we already have been trying to work off."
The Nattering One muses... It ain't over till the fat lady sings, and I don't even hear her humming yet.
not surprising that reading the content indicates exactly the opposite.
Jack McCabe, a Deerfield Beach-based real estate analyst, argued that any slowdowns (in foreclosures) are temporary because there is such a backlog.
To McCabe, what is more troubling is that some banks seem to be intentionally slowing down the process to avoid having to pay the costs of ownership that come with repossessing a property.
"They're letting them lay in limbo so they don't have to pay costs involved with taking them back," he said,
adding that the market could face an even longer recovery because inventory will linger.
Monthly foreclosure rates in the region have been volatile, leveling off or decreasing during the first quarter when a government moratorium on new foreclosure filings was in place, then generally rising.
The August decline also could be explained by banks for another reason, said Christi Phelps, president of the Venice chapter of the Women's Council of Realtors.
"You are seeing a lot of properties going under contract before they go into foreclosure," she said.
The reason the same thing is playing out to a lesser degree in Manatee and Charlotte is because those communities have seen more people merely walking away from their homes after losing their jobs, Phelps said.
In Florida, foreclosure filings -- default notices, scheduled auctions and bank repossessions -- rose 10 percent from July and 42 percent from a year ago.
Nationally, filings dropped less than 1 percent during August when compared with the previous month but rose nearly 18 percent from a year ago.
"We also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time," said James J. Saccacio, RealtyTrac's chief executive, in a statement.
Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness:
"Florida is in the midst of a second wave of foreclosures tied to unemployment more than junk mortgages."
"It's different in many ways from the early foreclosures, which were people getting into teaser rates and trying to flip a home or refinance before the mortgage reset, but getting caught," Snaith said.
"Now we're seeing much more of the traditional type of reason someone goes into foreclosure -- they lose their job and can't afford their mortgage payment anymore."
Snaith said unemployment rates in Florida could stay in the double digits for a couple of years,
"so that's adding more inventory to the pile of foreclosures we already have been trying to work off."
The Nattering One muses... It ain't over till the fat lady sings, and I don't even hear her humming yet.
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