Career News 24/7: The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery

Thursday, August 9, 2012

The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery

CHART OF THE DAY: The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery

View this email online | Add newsletter@businessinsider.com to your address book

Thursday, August 9, 2012

The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery

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

Read »

	Also On Money Game Today:
	STOCKS GO NOWHERE AGAIN: Here's What You Need To Know DEUTSCHE BANK: Economic Data Is Stronger Than Everyone Thought—But Don't Count The Fed Out Yet Forget North Dakota — There's A New Shale Oil Boom State In Town Former Senator Judd Gregg Explains To Goldman Sachs How The US Could Go Over The Fiscal Cliff