What is going on with the housing market? You’ve read the many different headlines in the media; one day, the housing market is falling apart yet again, and another day, things are looking up. These conflicting reports create a shaky (at best) portrait of the real estate market. However, by taking a closer look at the numbers, you can see that while foreclosure levels remain high, the overall outlook on the market is hopeful.
Recently, the Mortgage Bankers Association reported that the combined percentage of loans either in foreclosure or at least one payment past due was at the lowest point since 2008. Yet despite the decrease, the foreclosure backlog remains stubbornly high, staying at more than 4 times the levels of 2005 and 2006.