I've spotted some troubling signs in our recording statistics. Since October 2010, there's been a steep decline in the number of foreclosures each month when compared to the same month from a year before. That trend continued through the first quarter of this year. From January 1, 2011 to April 13, 2011, the number of Orders of Notice was 191 compared to 460 for the same period in 2010. A decline in Foreclosure Deeds also occurred with a drop from 195 in 2010 to just 91 in 2011.
The early part of April departs from this trend, however. While foreclosure deeds are still down - 34 were recorded between April 1, 2010 and April 13, 2010 when only 12 where recorded between April 1 and 13 of 2011, the number of Orders of Notice recorded has risen, from 39 in the first 13 days of April 2010 to 48 thus far in April 2011.
We'll watch this trend closely since an upsurge in foreclosures this spring and summer would be crippling to any revival of the housing market.