Report: End of Year Spike in Home Foreclosures
A report shows that home foreclosures spiked at the end of last year, up 35% from November.
Jane Law of New Hampshire Housing Finance Authority says foreclosures have been declining since their peak in 2010, and December’s jump might be an anomaly.
Law says, "The biggest factor is just mortgage companies are kind of clearing out some inventory before the end of the year, which is the end of their tax year usually"
Law notes while there were 2% fewer foreclosures in 2011 than 2010, the recovery in the home market will be slow.
She says home prices might decline slightly further before rebounding, and it could remain a buyer’s market for some time to come.