RealtyTrac reported it’s First Half 2012 Foreclosure Report showing an increase in Foreclosure Starts for the first time since 2009. This could be the beginning of the Shadow Inventory or 2nd Wave of Foreclosures. It will be hard to say until we see if this becomes a trend or not.
Second Quarter Foreclosure Starts Increase Annually For First Time Since Q4 2009
California Foreclosure Starts Jump in June, Giving It Highest State Foreclosure Rate
July 12, 2012 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2012 Foreclosure Market Report, which shows a total of 1,045,801 U.S. properties with foreclosure filings — default notices, auction sale notices and bank repossessions — in the first half of 2012, a 2 percent increase from the previous six months but still down 11 percent from the first half of 2011.
The report also shows that 0.79 percent of all U.S. housing units (one in 126) had at least one foreclosure filing in the first six months of the year.
In the video below, Realty Trac explains the report in more detail. The one key point I would like to point out that he mentions in the video – the housing market can not fully recover until we deal with all the distressed properties. On the brighter side, there was no mention of Minnesota in this report.