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1 Million Homeowners In The Clear From Foreclosing This Year

Mortgage News > 1 Million Homeowners In The Clear From Foreclosing This Year
Date: 07/13/2011    1 Million Homeowners In The Clear From Foreclosing This Year

Market research surfaced by RealtyTrac reveals that 2 million homeowners will be in some state of foreclosure by years end.  The number of homeowners facing foreclosure is down 1 million from last year.  Such a conclusion was met based on the number of delinquent homes that are on the books.

While the lower number in foreclosures for the year is good news for those homeowners, in the grand scheme of things analysts view this lull as merely postponing the inevitable.  Distressed and delinquent properties haven’t just vanished, they’re just not being reclaimed or released as quickly. 

Stan Humphries, chief economist at Zillow.com, stated “Home prices cannot rebound until there are fewer distressed home sales.”

Until the foreclosure market slows naturally on it’s own, the housing market will never truly be able to start it’s healing process.
 

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