No, the crisis is not over and the data and information that populates this story is deeply problematic because stories like this drive public policy and when these public policy decisions are made based on flawed data, it’s bad public policy…
The foreclosure crisis is nearing an end and won’t derail the housing rebound underway in many parts of the country, real estate research firms say.
Foreclosure activity in November was down 37% from a year ago and 15% from October, RealtyTrac reports today.
November foreclosure starts fell to their lowest level since December 2005 — before the historic housing bust began. Starts offer an indication of future numbers of distressed homes on the market.
“The depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis,” says Daren Blomquist, RealtyTrac vice president.
Foreclosures may stage a “weak rally” in some markets next year as the last of the distressed homes left over from the recession are dealt with, he says. A foreclosure comeback that poses any major threat to the housing recover is “highly unlikely,” he says.
