CNN Money online made the pronouncement recently that “our long national foreclosure nightmare may be over.”
It repeated the numbers reported by another organization that 55,575 filings took place in August, below the October 2005 number of 56,063. Its source claimed that the mortgage meltdown officially began in summer 2006.
In addition, the number of homes repossessed by lenders fell 25 percent in August from 2012, to 39,277. The top five states with foreclosure activity were Nevada, Florida, Ohio Delaware and Maryland. I thought it was interesting that the last three are states that surround Pa.
So is this the end of the tunnel, as CNN suggests, or just a dip in the cycle? I think it’s too soon to declare the end of the mortgage saga as tens of thousands of owners continue to be “underwater” in their homes’ value and the national economic situation is on shaky ground. If nothing else, I think we’re seeing a window to sell your home for a good return during this lull in bad news.
Pessimistic? Perhaps just realistic after what we’ve experienced in the last six years. I just cringe at the ballooning national debt and hope that we can change direction soon.
In the meantime, take advantage of the good (or at least better) real estate press to make your move in Central Pa.