The debate over the state of the housing market continues to see-saw. RealtyTrac reported that April foreclosures fell again and are now back to July 2007 levels. But, the research operation’s CEO Brandon Moore cautioned that “More distressed loans are being diverted into short sales rather than becoming completed foreclosures.” Those sales do not do anything to increase home prices.
As a matter of fact, they continue to push other home prices down. And, there is no evidence that short sales are an indication of upcoming foreclosure data improvement. Foreclosures continue to be very high in the hard hit markets of California, Arizona, and Nevada. The markets in those states have hardly improved at all on an historics basis.
Douglas A. McIntyre
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