View: Another Housing Data Point Is Threatening To Hurt The Housing Reco...

Another Housing Data Point Is Threatening To Hurt The Housing Reco...

Foreclosure Starts Increasing July 2012

Foreclosures fell 10 percent year-over-year in July and 3 percent from last month, according to RealtyTrac. A good sign for a housing recovery.

But foreclosure starts – default notices or scheduled foreclosure auctions – increased 6 percent on a year-over-year basis.  This represents the third consecutive month of increases after 27 straight months of declines.

And the foreclosure starts increased on an annual basis in 27 states, jumping 201 percent in Connecticut; 164 percent in New Jersey; and 139 percent in Pennsylvania.

The real estate market had started to stabilize on signs that foreclosure inventory was decreasing. But a rise in foreclosure starts suggests that a tidal wave of foreclosures is building, especially in states with a judicial foreclosure process.

Here's a chart from RealtyTrac that shows the 10 states where foreclosure starts climbed the most in July:

Chart: RealtyTrac

Comments

No comments yet.

...