Housing analyst Ivy Zelman had a report to clients on January 16 that stated: “Notices of Default were down 11% YOY given the improved delinquency pipeline and a continued focus on modifications and pre-foreclosure alternatives. We note that notices were also 36% below the level in December 2010 and down 58% from December 2009.”
Is that real, or is it from banks making new arrangements so people are no longer “in default”?
Is it from the programs designed to let people off the hook who would otherwise remain in default and lose their house?