Business Journal: Foreclosures Dip In May
Some good news for the hard-hit real estate market. A new report says fewer families are losing their homes to foreclosures.
Tuesday, June 10, 2008
Foreclosure notices – such as a notice of default or a public auction on the courthouse steps – declined 12 percent last month, that’s compared to April, according to ForeclosureS.com in Sacramento. Pre-foreclosure filings, such as a notice of default on a loan, also dropped in May from a month earlier, possibly showing signs that the housing market could soon recover. In California, foreclosures fell to about 17,800 homes, almost 10 percent less than a month earlier. Foreclosures also dipped in Sacramento and Placer counties. Nationwide, about five of every 1,000 homes were repossessed by a lender during the first five months of the year, and the figure has dropped the past two months. But some lending experts say the near-record number of foreclosures in recent months will continue, especially with the dismal housing market and plenty of subprime loans resetting this summer to much higher rates, forcing more homeowners to walk away from their investments.