Housing market shows slow signs of recovery

By: Newscenter Sixteen
By: Newscenter Sixteen

The housing market has shown some promising signs of late but a fresh batch of foreclosure data offers a reminder that any recovery from the housing bust will likely be slow, spotty and painful.

Realty-Trac reports that foreclosure filings rose by nine percent in May from a month earlier.

205-thousand-990 total properties were subject to default notices, scheduled auctions or bank repossessions.

The jump in foreclosure activity was likely because lenders are finally getting to a backlog of homes they might have started foreclosing on last year.

Although they have been facing criticism for cutting corners, and pushing foreclosures through too quickly without adequate review.

Still the figures for May are down four-percent from a year ago.

In addition the report noted that recent sales data suggests that not all homes with foreclosure filings will result in the bank taking the property.

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