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Foreclosure Update: the Good and the Bad

By Adam Levitin

Here's the good news: foreclosure starts in Q1 2010 fell a bit, to 691,017, their lowest number since 2008, according to HOPE Now. It's encouraging to see the numbers fall, rather than rise, but they are still at extremely high levels.  

Here's the bad news: completed foreclosure sales in Q1 2010 rose significantly to 291,381, their highest number in US history. Some of this might be a matter of reporting over quarters--the Q4 2009 numbers were down, perhaps because of Yuletide forbearance. But the clear message from these numbers is that we are nowhere close to being out of the woods on foreclosures.

It's hard to tell what impact HAMP has had from these numbers. But for HAMP, things might be a good deal worse, but HAMP has certainly not rolled back the tide on foreclosures.  

 

Full post as published by Credit Slips on July 13, 2010 (boomark / email).