Trying to get honest data from the banking industry regarding the current state of housing is a monumental task. We are left using multiple data sources to get an accurate picture of the current state of the American housing market. Even then, we are left trying to piece together data that is largely incomplete. For example, we now know that banks are delaying foreclosure filings so these don’t show up in monthly reports. Next, we have another group of home owners that have stopped paying their mortgages as a strategy. These points are important but are buried deep in reports. Yet we can still try to garner information from other sources that will provide a better perspective on the U.S. housing market.
It is safe to say to say that a foreclosure filing is the worse sign of problems for housing. After all, the first action is taken with a notice of default and this requires at a minimum three missed payments.
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