Thursday, April 26, 2012

What 'up' is

So if you read this headline today: Pittsburgh leads nation in foreclosures in early part of 2012

Relax a bit.

If you get past the headline you will note that it is talking about how Pittsburgh had the biggest percentage increase in foreclosures. Biggest quarterly percentage increase more precisely.

If you read the actual press release RealtyTrac put out you will learn a few interesting things.  Even with Pittsburgh topping the percentage increase, it still does not come close to cracking the top 20 regions in terms of the actual foreclosure rate.  That must say something about how low foreclosures here were before that even after such a big jump we are not ranked high afterwards.

Also.. and more importantly, the weird factoid on Pittsburgh's increase was a quarterly jump and as pointed out in both the article and press release there were some anomalous things going on in the numbers resulting from the robosigning.  Also note the press releases other big observation:
Despite the quarterly increase in more than half of the metro areas tracked in the report, first quarter foreclosure activity was still down compared to the first quarter of 2011 in 135 out of the 212 metro areas (64 percent).
Now go back and read the headline. 


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