This News Release will give the impression the housing market is improving. It is not. Read the next one, issued the same day on my market report, that shows how many mortgages are waiting to go into foreclosure (Unless the Government continues to with the marketplace)
Distress Claims Smaller Share of Dwindling Existing-Home Sales
Distressed properties accounted for just 31 percent of existing-home sales in May, the National Association of Realtors (NAR) reported Tuesday. The ratio of distressed homes - typically bank-owned or pre-foreclosure short sales - was down from 37 percent in April and 40 percent in March. A pick-up in non-distressed sales volume is typical for the spring and summer seasons, but last month, overall sales of previously owned homes dropped along with the distressed percentage to hit a six-month low.
NOW HEAR THIS...
Industry's Past Due Mortgages = 6,350,000
Data released by Lender Processing Services (LPS) Tuesday puts the number of home mortgages that are delinquent or in foreclosure at 6,350,000. The company's assessment is based on mortgage performance statistics derived from its loan-level database through the end of the month of May. In April, LPS reported that there were 6,388,000 mortgages going unpaid.
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