How Long Do You Think It Will Be?

[Tom Woolford]

I'll let you know next month how many I'm up to. Maybe they are just outliers, but its damned strange to start getting them again after this long.

 

[Joe Flacco]

Maybe it is those people that took out a mortgage to buy Bitcoin.

 

[Randolph Kinney]

How about 2 in 10 days after none for 8 years. I got another one yesterday. Bear in mind I only work 3 zip codes.

Foreclosure Starts Increase in 43 Percent of Local Markets in May, Including 153 Percent Jump in Houston

 

[Terrel L. Shields]

Inventory of homes for sale in Denver surges in May

Sales fail to keep pace with new listings

Metro Denver experienced a nearly 25 percent surge in the number of homes and condos available for sale in May versus April, according to a monthly update from the Denver Metro Association of Realtors.

https://www.denverpost.com/2018/06/05/denver-houses-for-sale/

Interesting...back in early 2000s Denver was canary in coal mine and housing there was languishing well ahead of 2007

 

[timd354]

Interesting...back in early 2000s Denver was canary in coal mine and housing there was languishing well ahead of 2007

It is way too early to tell whether this is an indication of a potential problem or is just a return of inventory towards more normal levels. It should be noted that inventory in Denver remains very low as the 25% increase was off of an historically low level of inventory in Denver. Per the article, inventory at the end of May in Denver was 6,437 homes for sale compared to 29,110 homes for sale in May, 2007

 

[The Bob]

How about 2 in 10 days after none for 8 years. I got another one yesterday. Bear in mind I only work 3 zip codes.

Are they zombies or more recent Foreclosures?

 

[Randolph Kinney]

Interesting...back in early 2000s Denver was canary in coal mine and housing there was languishing well ahead of 2007

The difference super low interest rates makes when buying a house.


California's housing market has reached a boiling point, and a typical home costs $600,000

• The median price for a home in California is just over $600,000, a new record high.
• That's more than double the US median home price.
• The Bay Area is the most expensive region, with five counties recording a median price above $1 million.

http://www.businessinsider.com/california-home-price-hits-record-high-2018-6

 

[timd354]

Foreclosure Starts Increase in 43 Percent of Local Markets in May, Including 153 Percent Jump in Houston

The big jump of foreclosure starts in Houston has nothing to due with the economy, the overall housing market, or lending guidelines and everything to do with the fact that it is now 9 months after Hurricane Harvey severely flooded more than 200,000 homes there. As a result, the surge in foreclosure starts there was entirely predicted.

Here is a more relevant quote from the same article:

There were a total of 71,949 U.S. properties with foreclosure filings in May 2018, up 12 percent from the previous month but still down 12 percent from a year ago — the 32nd consecutive month with a year-over-year decrease and a foreclosure rate of one in every 1,863 U.S. housing units with a foreclosure filing for the month.

Despite, the click bait headline that you focused on, the details included in the actual article paint a different story...one that shows that foreclosure filings on a national basis have no declined for 32 straight months.

 

[Randolph Kinney]

A total of 33,623 U.S. properties started the foreclosure process in May, down 1 percent from the previous month and down 6 percent from a year ago — the 35th consecutive month with a year-over-year decrease. Counter to the national trend, 23 states and the District of Columbia posted a year-over-year increase in foreclosure starts in May, including Texas (up 53 percent), California (up 3 percent), Georgia (up 15 percent); Pennsylvania (up 6 percent); and South Carolina (up 31 percent).

https://www.attomdata.com/news/mark...ston-increase-in-43-percent-of-local-markets/

Try opening both eyes to see 23 states plus DC posted year over year increases in foreclosure starts. Strange how that flies against the over all data, hey?

 

[timd354]

View attachment 35810
A total of 33,623 U.S. properties started the foreclosure process in May, down 1 percent from the previous month and down 6 percent from a year ago — the 35th consecutive month with a year-over-year decrease. Counter to the national trend, 23 states and the District of Columbia posted a year-over-year increase in foreclosure starts in May, including Texas (up 53 percent), California (up 3 percent), Georgia (up 15 percent); Pennsylvania (up 6 percent); and South Carolina (up 31 percent).

https://www.attomdata.com/news/mark...ston-increase-in-43-percent-of-local-markets/

Try opening both eyes to see 23 states plus DC posted year over year increases in foreclosure starts. Strange how that flies against the over all data, hey?

That does not fly against the overall data at all. Yes, 23 states plus DC had a year over year increase in foreclosure starts while 27 states had a decrease, with the overall national count decreasing. Despite there being an increase in some locations, the fact is that on a national basis, foreclosure starts have decreased for 32 consecutive months.

Contrary to your prediction of immediate doom and gloom, the sky is not falling yet. While the sky may fall at some time in the future, especially if interest rates do substantially increase, it has not yet started to fall and currently default rates are extremely low.

I am fully cognizant of the possibility of a future market correction, but unlike you I am not gleefully cheering for one to happen.