September 15, 2007

How Bad is the Foreclosure Situation Really

The Sept Mortgage Bankers Association press release reveals some unexpected good news. Its hard to see any good news in a report about the state of foreclosures, yet the numbers where encouraging......

The national numbers for foreclosures would have dropped except for four states, which had such a high spike in foreclosures that it skewed the national average, California, Florida, Nevada and Arizona.

Were it not for those four states the survey finds, we would have seen a nationwide drop in the rate of foreclosure filings. "Thirty four states had decreases in their rates of new foreclosure and the increases were very modest in the states with increases, other than those four,” said Doug Duncan, MBA’s Chief Economist and Senior Vice President of Research and Business Development.

We all know how numbers can be used to paint a picture and we understand that the press will always write emotionally about trends because it grabs attention. Its good to know that clearly there is a lot of pain out there, but their seems to be some light at the end of this tunnel.

Thanks for reading

Howard Bell for Your Property Path

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