Foreclosures : Statistics, Not Politics

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The San Jose Mercury News reports that foreclosures in Silicon Valley were down in December, but don’t take this as a sign of things to come. This is not the market adjusting itself and everything being “hunky dory”. If anything, it’s a delay of the inevitable. The decrease of foreclosures as compared to 2008 (which is the worst year on record). Here is a snippet of the report:

In Santa Clara County, foreclosures fell 25 percent in December from a month earlier, with 325 finalized, according to data released Tuesday by ForeclosureRadar. The Discovery Bay company tracks statewide foreclosure filings and auctions daily. In San Mateo County, foreclosures fell 37 percent in December from a month earlier, to 93.

While the decline in foreclosures is welcome news, there is little evidence that the foreclosure crisis is coming to an end.

December’s decrease “could be significant if that level of foreclosures continued into January and February,” said Martin Eichner of Project Sentinel in Sunnyvale, a housing counseling agency affiliated with the U.S. Department of Housing and Urban Development. Eichner said that his staff members, who work with borrowers seeking loan modifications, have for months reported that lenders have been holding off on foreclosure, “but at the same time, they’ve been leaving people in this limbo of trial modification. The people keep paying, and they don’t know whether they are going to get a trial modification.”

The full article can be seen by clicking here

If you need advice or guidance on a housing situation, give me a call on my cell at (714)244-7368. Yes, it’s my actual  cell phone number. Or send me an email at ChrisA@BroadviewMortgageCorp.com

I delivered the update, it’s up to you what you make of it.

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