I had the chance to go on HuffPost Live yesterday and talk about findings from the RealtyTrac November 2012 U.S. Foreclosure Market Report.
The more casual and long-form format of this venue — as opposed to the 10- to 20-second sound byte limitation of many other broadcast media — was ideal for explaining the nuances of this report.
On the one hand, the report showed some very good news: U.S. foreclosure starts at a 71-month low. On the other hand it showed some quite concerning news: the first year-over-year increase in bank repossessions since October 2010.
This all leads to confusion over whether the market is getting better or worse. Generally I would argue it’s getting better, but the unintended consequence of all the foreclosure prevention efforts of the last few years is a hidden inventory of properties in foreclosure limbo. The jump in bank repossessions in November is evidence that these properties are there and that some of them are being foreclosed. What’s unknown is how many will end up as foreclosures in 2013 and even beyond.
Foreclosure Starts at 71-Month Low, Bank Repossessions Increase
$7.6 Billion Available for Millions Facing Foreclosure
Anatomy of a Foreclosure Start in 3 States