Residential Foreclosures: Quarter Decline, Yearly Increase

by cassy82 | October 20, 2009 at 06:24 am

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The number of residential foreclosures in a New Hampshire city dropped in the third quarter but is more than the figures in the last two years. The trend prompted industry experts to say that it is too early to tell if the housing market is on its way to recovery.

There are fewer residential foreclosures in Nashua, New Hampshire from July to September. However, the foreclosure numbers this year were already way pass the figures posted in the entire years of 2007 and 2008.

The drop in the number of foreclosure houses in the third quarter may be taken as a positive sign that the housing market is on its way to recovery. However, industry experts cautioned that the market is still too soft and vulnerable to external and internal changes that the foreclosure problem will continue to wreak havoc on the lives of many homeowners in the coming months.

Meanwhile, the easing in the number of residential foreclosures in Nashua in the third quarter was not duplicated in other areas of the state. In Hillsborough County, the number of foreclosure properties continued to soar last quarter. In Manchester, the number of distressed properties was 2 and ½ times greater than the level in the third quarter of 2007.

By Cassiano Travareli