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Some experts believe decline in foreclosures may be short lived

Recently this blog reported Ohio ranks 13th in the nation for the rate of foreclosures. The RealtyTrac data indicates that the overall number of foreclosure filings across the country declined by 29 percent during the first six months of this year, when compared to foreclosure filings in 2010. During the second quarter, foreclosure filings continued to slow. Second quarter filings decreased 32 percent from the same time period in 2010.

But the numbers may not reflect an end to the foreclosure crisis in the country. In January, RealtyTrac estimated that banks would file foreclosure notices I 3.2 million cases across the country in 2011. Those numbers are not being reached. Some experts believe the reduced foreclosure filings may be caused by delays in processing after the robo-signing scandal.

Some experts believe that as many as 1 million foreclosures that were planned for this year may simply have been pushed back to next year or later. That modifies the RealyTrac estimate to roughly 2 million foreclosure filings expected in 2011.

But the rate of foreclosure filings may start to gradually increase again as banks and mortgage servicers process through a backlog of planned foreclosures. Many analysts predict that the housing market will continue to fall for the rest of the year as the sale of bank owned and foreclosed properties continue to drive home prices down. It is estimated that prices may bottom out in the first quarter or 2012.

Other analysts believe that a recovery in the housing market may be unattainable until job creation and income levels increase. The last month's jobs report reported the creation of 18,000 jobs and the unemployment rate increased to 9.2 percent.

Source: Business Insider, "Why The Drop In Foreclosures Is Not Good News," Jennifer DePaul 18 Jul 2011

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