Foreclosure rates continue to decrease dramatically year-over-year in the Memphis area and across the nation, but the slowdown necessarily doesn’t portend positive news, according to RealtyTrac Inc.
RealtyTrac Inc. Latest from The Business Journals Home foreclosures up 10 percent in Austin areaRealtyTrac: Foreclosures fall to 44-month low; California still one of top statesWashington state’s foreclosure rate falls Follow this company ’s latest monthly data.
RealtyTrac reported there were 547 foreclosure filings — default notices, scheduled auctions and bank repossessions — in July in the greater Memphis market, down 61 percent from a year ago.
There were 212,764 total filings in the U.S. in July, down from 325,229 a year ago.
Nationally, foreclosure filings in July dropped 35 percent from a year ago, making it the 10th straight month of year-over-year decreases and the lowest monthly total since November 2007, RealtyTrac noted.
The drop is deceiving, though, said James J. Saccacio, CEO of RealtyTrac.
“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market, but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio said. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.”
Irvine, Calif.-based RealtyTrac is a leading online marketplace of foreclosure properties.
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