By Ron Wysocarski - Daytona Beach Lender ph. 386-562-2651
I am continually troubled by the presentation of the foreclosure data. Understanding the current state of the housing industry is complex to begin with. Statistics are just numbers. They can easily be taken in and out of context in a news release very quickly. Interpreting the data can be as easy or as hard as you would like to make it. Here is my interpretation of where we are based on 2 recent "expert" comments I have seen in the headlines.
- Foreclosures Are Up
- Foreclosures Are Down
- There were more foreclosures in June 2008 than in June 2007. Up 53%
- There were less foreclosures in June 2008 than in June 2007 Down 3%
How can it be both???. Very easy. Depending on which side of the data below you find more compelling, your opinion may differ. Its an election year so it may matter which "side of the aisle" the author of any article is seated. Clearly, we know which one "sells more newspapers". Personally, I believe that it is a good thing that foreclosures have gone down in the last 30 days. I believe that the recent statistics are more relevant. I believe that we are experiencing a gradual recovery that will begin to feel more normal in April of 2009.
- 252,363 homeowners nationwide received at least one letter regarding foreclosures in June 2008
- 1 in every 501 US homeowners received a foreclosure filing last month
- 71,000 homes were repossessed by lenders in June 2008
- 39 States Had An Increase in foreclosures comparing June 2008 to June 2007 which means that 11 states improved
- Michigan, Florida, California, Nevada, and Arizona are the 5 states hit hardest
- States that have lengthened the time to finalize a foreclosure have experienced improved ratings
Ron is a professional real estate lender and he can help you find the best loan option for your Daytona Beach or Port Orange real estate investment. Give him a call at 386-562-2651.