Foreclosure News Headlines are Deceiving!

If you are like myself and prefer to browse until you find something interesting to read, you would have completely missed the new foreclosure report for May. The RealtyTrac headline is: US Foreclosures Decrease 6% in May , Sounds all peachy right?

Get into the second paragraph however and the truth starts to unfold…

May foreclosure activity was the third highest month on record, and  marked the third straight month where the total number of properties with foreclosure  filings exceeded 300,000 — a first in the history of our report,” said  James J. Saccacio, chief executive officer of RealtyTrac. “While defaults  and scheduled foreclosure auctions were both down from the previous month,  bank repossessions, or REOs, were up 2 percent thanks largely to substantial  increases in several states, including Michigan, Arizona, Washington, Nevada,  Oregon and New York. We expect REO activity to spike in the coming months as  foreclosure delays and moratoria implemented by various state laws come to  an end.

No End in Sight – Expected to Get Worse!

Between Obama telling us that he expects nationwide unemployment to rise above the 10% mark, and real estate experts telling us that the next big wave of bank foreclosures is right around the corner with the ending of foreclosure delays and foreclosure moratoriums (I know, wrong spelling – I’m human) what exactly do we have to look forward to?