Real estate wrap up - 2008
But what I like better is that we finally have end of year foreclosure stats for the region. In the beginning of 2008, these stats were making monthly news, but we have not heard much in recent months. I was going to go back and regurgitate the quotes that made it to ink from earlier in the year all but promising a record year for foreclosures. What do we get per the PBT:
In the five-county Pittsburgh region, 3,949 home were foreclosed upon last year, down slightly from 4,229 in 2007, according to RealSTATs.
So foreclosures went down? Must be a typo, but hold that thought. What is a tad curious is the phrase 'down slightly'. My math says the number of foreclosures is down 6.6%. For most economic trends a change in an annual rate that high would be a high number. Maybe it was anomalous with 2007 a record bad year, so a slight decline nothing to be excited about. Yet 2007 was not a record year and according to the same source foreclosures were 2.1% lower than the year before that even. That didn't make the headline. I wonder how many regions in the nation have had two consecutive years of declining foreclosures. At the very least, sub 4000 foreclosures in a year is the lowest in at least the last few years and look to be trending downward.
Real estate values even went up in the region for 2008. Not much, +1% according to the RealStats data being reported on, but in a world where double digit declines last year were better than most regions could even hope for, that's pretty good.