I was looking for a topic to blog today and ran across this article in Business Week. It seem like good news. But I don't think it goes far enough to explain the data. Check it out.
http://www.businessweek.com/the_thread/hotproperty/archives/2009/07/foreclosures_fa.html
The data shows foreclosures down 11% nation wide. It acknowledges that in some areas the drop is much more significant. It also says that home sales are up too.
Does this mean the economy is recovering? Well, I don't know about that but what I think it does show is that the banks, homeowners, and realtors are working hard to modify or short sale people out of their extended positions and try to keep homeowners in homes where possible.
The fact that home sales are up indicated that people not only have the ability to purchase homes, but they are feeling like they are getting a relatively good deal in the process.
Because the foreclosure rate has slowed, inventory levels have remained moderate to low. Low interest rates and lower prices are creating a little more stability in the market.
Is that recovery?
I think it's the first step. All we need is a little good press....a little consumer confidence... And the process has to continue between banks, borrowers, and realtors. Get people into homes they can afford, and keep stability in the housing market. Why aren't the news guys telling us about this?
Let me know what you think,
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