Will April 2010 be remembered as the month the foreclosure tide receded? – ForeclosureConnections

Will April 2010 be remembered as the month the foreclosure tide receded

? ForeclosureConnections

A third well-known analyst has been quoted as saying that for the first time in the current crisis, a greater number of foreclosured properties are completing the cycle than are the new ones entering it.

Although banks in historically hardest hit States like Arizona, California, Florida, Nevada and Texas continued to have high inventories of foreclosed property, several did see noteworthy decreases. This further confirms the claim that the pipeline is now receiving less than it is discharging. While the ratio in favor of the back end of the process is at least partly due to increasing foreclosure completions by both government lending agencies and banks, the stabilizing opening notices served is hard evidence of a steadying of the market.

This does not however mean that the rate of new foreclosures will drop soon the ongoing recession and accompanying unemployment is still a determining factor, especially in troubled economies as still exist in Idaho, Michigan and Utah (and Georgia, Illinois and Massachusetts to a lesser degree as well).

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