One thousand, one hundred forty-eight Trustee Deeds, the final stage of the foreclosure procedure, were file with the County during May, which is 16% down from the preceding month.
Notices of Default dropped even more as the nearly one thousand eight hundred Notices filed were 24% lower than April.
One local economist states that these downward movements are the result of an improvement in the housing market as well as the local economy, as well as a lessening of the loss of jobs.
However, it is unsure as to what foreclosure numbers will do in the upcoming months. There may be a variance between how fast the economy improves and the speed at which banks foreclose on the thousands of homes that are in distress throughout the County. A few analysts are suggesting that there may be a so-called "Double-Dip" recession with a flood of new foreclosures as a result of a large accumulation of distressed properties that are not yet available for sale.
There is a good-sized increase in the number of jobs gained due largely to those newly employed temporarily by the Census Bureau, as well as in the local hospitality and construction industries, which may inspire confidence among both employers and consumers. This may portend an upswing in the general economy.
