Foreclosures Continue Retreat
RealtyTrac released its June 2006 U.S. Foreclosure Market Report Tuesday, and the report shows a trend you may not have expected if you've been reading some recent headlines: foreclosure activity actually slowed in June from the previous month. The total number of foreclosures dipped below 90,000 for the first time this year, significantly lower than the 117,000-plus reported in February.
So, despite myriad predictions otherwise, it appears that foreclosures are not spiraling out of control -- although they are up significantly from last year. But many market watchers are still waiting for the other shoe to drop, with trillions of dollars in adjustable rate loans expected to reset in the next year and a half. When or if that other shoe will drop remains to be seen, but for now it appears that the so-called housing market bubble has stood up quite well to the various slings and arrows that threaten to puncture it.