Have We Hit Bottom Yet?

Through the last two years, market leaders have said “This is it! We’ve reached bottom!” but they always leave the caveat on the table that “we just don’t know how long the bottom will last – is it V shaped or more like a U?”

The latest report that foreclosure filings have slowed brings new cries of “This is it!” except now we hear the cries as whispers,

But nationwide April foreclosure filings — notice of default, scheduled auction and bank repossession — fell 9 percent from March and 2 percent from a year ago.

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This was the first year-over-year drop since RealtyTrac started tracking annual foreclosure rates in January 2006.

I’ve also heard that a new round of foreclosures are coming, but the newest round is not because of predatory loans, but because of the economy.  Where people lost jobs and consumer confidence dropped, people got in trouble.  In the longer view, with economic indications showing some strengthening (the unemployment rate dropped) so the housing recovery should follow.

What doesn’t kill us only makes us stronger!