Foreclosures 'Moderating'?
By: Diana Olick | CNBC Real Estate Reporter
It’s not over, and it’s not really getting that much better, but for the past few weeks I’ve been seeing that word pop up in an awful lot of different reports and indicators: “moderating.”
In a Tuesday report from The Warren Group, which tracks foreclosure data in New England and thereabouts, it came up again. The report shows that foreclosure deeds in Massachusetts in July jumped 34 percent from a year ago and foreclosure activity has doubled already so far this year in the Bay state.
“The bad news is that we have more foreclosures so far this year than all of last year. But on a more positive note, foreclosure activity appears to have moderated,” said Timothy Warren Jr., CEO of The Warren Group. “The number of foreclosure deeds has dropped 22 percent from a peak in May of this year.”
I’ve seen that word in other local reports as well recently. The number of foreclosures is still rising, but not rising as fast as it was earlier in the year.
Should be interesting to see if that holds up through the end of this week, as we ready ourselves for the big quarterly delinquency survey from the Mortgage Bankers Association headed our way this Friday.
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