Once again the press is all up in it over RealtyTrac's November foreclosure report for it shows the lowest level of foreclosure filings since December 2005 on a month to month basis.
A total of 52,826 U.S. properties started the foreclosure process for the first time in November, down 10 percent from the previous month and down 32 percent from a year ago to the lowest level since December 2005, when 49,236 U.S. properties started the foreclosure process.
November foreclosure starts increased from a year ago in 15 states, including Pennsylvania (up 233 percent), Delaware (up 104 percent), Maryland (up 74 percent), Oregon (up 38 percent), and Connecticut (up 37 percent).
There were a total of 30,461 U.S. bank repossessions (REO) in November, down 19 percent from the previous month and down 48 percent from a year ago to the lowest level since July 2007, a 76-month low.
Only five states posted year-over-year increases in REOs: Delaware (179 percent increase), Maryland (41 percent increase), Connecticut (9 percent increase), Maine (6 percent increase), and Iowa (2 percent increase).
Thing is this happened in 2010 when the robo signing scandal broke and also foreclosures are seasonal. Even Realtytrac says it is doubtful to see another onslaught of foreclosures and this is true, but it does not mean a return to 2005 in terms of less people losing their homes either. All one needs to do is look at their graph on foreclosures and foreclosure starts to see there is variance on a month to month basis.
Things have improved but that does not mean the American middle class has recovered. Lately the press seems bound and determined to spin their way to economic prosperity. Sorry folks, it is more the tsunami is over.