US HOUSING : Downhill

The number of foreclosure notices delivered to homeowners increased nearly 7% from June to July, and are up 32% from July 2008, according to Irvine, Calif-based RealtyTrac’s Foreclosure Market Report.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 360,149 US properties during the month, about one in every 355 households.

“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” RealtyTrac CEO James Saccacio said in a statement. “Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.”  (HousingWire.com, August 13)

And remember that June to August are prime-time months for home sales. So the best news of the year for real estate will soon be behind us. As we move into September and beyond, what few gains have been reported of late – in no small part attributable to buying foreclosed properties on the cheap – are going to go into reverse.

La Rentrée will be tough…