Home Mortgage defaults dropped a whopping 19% in the 2nd quarter of 2011 from the same period in 2010. The decrease was attributed to changes in lenders' foreclosure policies and slowdown in the drop home values. The decrease also represents a 17% drop from the 1st quarter of 2011. A total of 56,633 default notices were recorded statewide in the three months ending June 30th; the lowest number since the 2nd quarter of 2007.
There's still a significant pool of bank owned properties waiting to hit the market which will continue to keep home prices down, but at least it looks as though the supply of additional distressed inventory may be slowing down.
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