March 24, 2006
Rising Number of Foreclosures
Some interesting economic stats from the real estate world…
- House "affordability" has reached a 14-year low according the U.S. Department of Commerce.
- Foreclosures are up 27 percent so far in 2006 (compared to 2005).
- According to the California Association of Realtors, sales of existing single-family detached homes were down 24.1%, the highest year-on-year decline since December 1990, when sales dropped 25.2%.
The National Association of Realtors (NAR) reports the following figures…
Massachusetts
Existing home sales are down 21%
Listings are up 41%.
Florida
Existing home sales are down 19%.
Alabama
Existing home sales down 21%
Listings up 17%.
Pennsylvania
Existing home sales are down 17%.
Minnesota
Sales are down 7%
Inventory is up 35%.
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Comments on Rising Number of Foreclosures
Oh yeah its only getting worse. In my city its seems like the foreclosures are doubling every 6 months, for the past year. The short sales are really hot right now also. I'm wondering if there would be more foreclosures if it wasnt for the short sales. I guess will see what happens in the next few years.