I read a couple local media articles about the number of foreclosure filings being at their lowest in 13 months, both nationwide and on the Central Coast. While some of the quotes I read say that this may signal we’re at the bottom, I’m not so sure. There are so many different things going on right now in the market that I think it’s going to take more than data for a particular month to come to any conclusions. I’m also hearing that a lot of adjustable mortgages are going to have their rates reset in the upcoming months which some say will bring in the next wave of foreclosures.
That said, the filings decline in SLO County between Dec and January was a a HALF a percent. That low of a percentage drop really sounds like SLO County had about the same number of filings, but of course, the headlines say otherwise because they are using National data once again.