Foreclosure Numbers Down, But For How Long?

According to the February 15^th story in Property Wire US property foreclosure figures easing, defaults are down 12% from December but stayed 4% above levels in January 2009. Foreclosures are down 11% from December and remained 15% above levels in January 2009. However if the market does what we expect and stays consistent with the 2009 patterns, there will be a surge in foreclosure numbers this coming spring. This is disappointing especially with the knowledge that repeating the 2009 pattern doesn’t include the sudden flood of the Alt-A and option ARM loans previously predicted for this coming summer.

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