DavidBlitzer, the Chairman of the Index Committee wrote an article January 26, 2012 in the Housing Matrix about Foreclosures. He states RealtyTrac reports that foreclosure activity across the US in December, and the full year 2011, dropped sharply.
Foreclosure filings in 2011 totaled 2.7 million, down 34% from 2010 and 33% below 2009 and 19% below 2008. Overall 1.45% of US homes experienced a foreclosure filing, about one in every 69 houses. Comparable percentages for earlier years were 2.23% in 2010, 2.21 in 2009 and 1.84% in 2008. December foreclosure activity hit a 49 month low, down 9% from November and 20% from December 2010.
On the otherhand…….
Mortgage Rates Are on the Rise Due to Better Housing Reports
Wall Street Journal - Mia Lamar - Rates for fixed mortgages moved higher over the past week amid positive signals from the long-suffering U.S. housing market, according toFreddieMac’s weekly survey of mortgage rates.
Remodels See Business Improving
Mortgage News Daily - JannSwanson- Like their home-building counterparts, remodelers who are members of the National Association of Home Builders (NAHB) are displaying more confidence in their industry than they have in years. The NAHB's Remodeling Market Index (RMI) for the fourth quarter of 2011 which measures remodelers' sentiments about their business climate rose to 46.6 its highest level in five year. In the third quarter the Index was 41.7.
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