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New Foreclosures on the Rise Again

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  • Description

    FBN’s Liz MacDonald on foreclosures increasing 9% in the second quarter, according to RealtyTrac.

  • Duration 1:47
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Up in full -- -- according to the latest realty Trac report what does that mean for housing for the rest of the year.

GMAC but McDonald as the bottom line.

Hey guys so we -- for the first time since the fourth quarter 2009.

A year to year quarterly pick up in foreclosures up 6%.

Up 9% from -- month of between may and April and this is a big deal we saw 31 states -- year to year pick up.

-- closes in the second quarter now this means that the log jam continues to ease after the government for closure settlement.

You know may not feel good for people are in for closure.

But the issue was is that these homes are now being moved once about 6% of all residential sales come from foreclosures.

And we're gonna see 31 states basically -- year year pick up in the second quarter California.

Saw a big 18% jump.

If foreclosures so here's the deal you're gonna see of course just as a heat map we just showed.

The regular hot spots -- gonna see of course California Arizona Nevada and Florida and there is -- Colorado and Idaho.

But it says that's for cities and leading the way here for closures is Chicago followed by Miami biggest Phoenix and Los Angeles.

And the other -- two guys is that the halt the price for a close sales specifically around a 148000.

So more bank -- possessions.

More short sales it looks like the foreclosure market is showing signs of thawing out and the housing market we're still -- along that bottom of the EU.

Then that U shaped recovery in housing.

That this book might be a positive sign back to that's absolutely going to get them out of here before we get prices to come but there's the mortgage forgiveness.

The debt that is now tax free till the end of the year -- up.

Ever trying to get this in under the gun because come January when -- -- -- tax on that.

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