Monday, November 1, 2010

Good news, bad news on foreclosures

Posted By on Mon, Nov 1, 2010 at 11:06 AM

Things are getting better ... or are they?

Public Trustee Tom Mowle today released the October report for foreclosures, showing a mixed message for local economic conditions.

First, the good news, from Mowle's news release:

In October, 3,352 Deeds of Trust were released, the 3rd monthly increase in a row and the first time in over a year that we have released more than 3000 deeds for three months in a row. This reflects an increase in private property home sales or refinancings. While the absolute numbers remain lower than what we would expect to be “normal” based on population growth — and we are still on track for the fewest number of releases since 2000 — the trend since early summer has been steadily on the increase. This is absolutely good news.

But 389 new foreclosures were filed. While below the yearly average, it represents an upward trend. "This is the highest sustained rate of new filings since January, and our total number of files received was the highest since April," Mowle says in the release.

He notes the higher number could reflect banking analysts' prediction of a final surge in foreclosures between late 2010 and mid-2012, as the last of the "creative financing" arrangements expire.


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