Market Update

Market Update

Notices of default filed in the first quarter (Q1) of this year are clearly down from the same period last year according to ForeclosureRadar.com.
Number of Notice of Default (NODs) Filings; Q1 2009 - Q1 2010

January
2009: 40,580
2010: 25,904

February
2009: 49,799
2010: 31,309

March
2009: 58,623
2010: 33,139

This meaningful decline in filings suggests that maybe the worst is behind us. Since banks are not consistently filing notices of default for every loan that is actually in default, it is too early to breathe a sigh of relief. In addition, some economists are still predicting another possible waive of defaults. In short, we are not out of the woods. Nevertheless, if this trend continues it could indicate stabilization in delinquency in the housing markets which bodes well for an overall market turn-around.

Considering there's an improvement in delinquency, the worsening of home values creates a mixed message. Still, it's an overall improvement.

Kwame Granderson