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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 159091735