The rate of foreclosures in July was down 32 percent from a year earlier, according to RealtyTrac. That sounds like good news, but it masks a stubborn reality.
Some cities with high foreclosure rates actually have housing shortages now, not a glut of foreclosed houses on the market. President Obama's mortgage-relief plan has helped, but another factor is hedge funds investing in houses to rent out.
An LAPD police officer gives a tour of his precinct in Watts and the blight foreclosed homes have wrought upon the neighborhood. The City of Los Angeles says the banks who own the homes should be responsible for the upkeep of the foreclosures.
We're getting some new data this morning about the housing market. The foreclosure listing company RealtyTrac says there was an uptick in foreclosure activity last month, but it's down compared with a year ago. Which brings us to the eternal question: Has the housing market finally hit bottom?
