Saying Foreclosures declined 10% since last month does not make a scary headline.
“The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.”
Neither does the fact that a single homeowner going through foreclosure could have been counted numerous times in these numbers. Since we are now at a point that banks are repossessing homes because of a weak home market; I would guess the foreclosure rate is WAY overstated compared to past numbers when fewer homes actually were repossessed because the owners either made a deal or refinanced with someone else.