Depending on which day of the week you read the news, the housing market is either showing signs of improvement, stagnation or decline. According to a recent post on the Equifax Personal Finance Blog, the market is improving. In fact, guest blogger Steve Cook points to the reduced number of both new foreclosures notices and shadow inventory (homes that have been or are being foreclosed but aren?t in the marketplace yet) as signs that housing is on the road to recovery.
In ?The Beginning of the End of the Foreclosure Era Part One: Reading the Signs,?? Cook examines some of the trends in the recent foreclosure cycle. Among them is a reduction in foreclosure notices and a smaller shadow inventory. Other trends a substantial lower delinquency rate than last year and a nine-month trend of decreasing foreclosure activity when compared to last year.
Of course, like all news pertaining to the housing market, this should be taken with a grain of salt. Cook points out that the inventory of foreclosed homes will not disappear overnight, even if the general economy improves. In light of recent scandals, banks being more cautious about processing foreclosures. Some companies are even looking to push some losses into next year.
Although Cook?s article examines national trends, results will certainly vary on a city by city basis. So how do you see the foreclosure situation changing in Chicago real estate market? Are there less foreclosures on the market? More? Head over to the Equifax Personal Finance Blog to see all of Cook?s trends and predictions, then come back here and let us know if you agree or disagree.
Source: http://www.chicagolandrealestateforum.com/2011/08/24/foreclosure-market-shows-signs-of-progress/
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