In June, the New Hampshire Housing Finance Authority reported 181 foreclosures, the highest monthly total of 2015. Analysts thought it would be a one-time blip, but new figures from the NHHFA show July’s number was even higher – 188 foreclosures.
Jane Law of New Hampshire Housing says while no one’s happy about the new number, other indicators that would signal a market decline simply aren’t showing up. “[We'd expect to see a] loss of jobs, some other downturns in the economy, some other signs in the housing market that there was trouble again," she says. "But we’re not seeing those right now.”
Law says what we are seeing is lots of activity in the housing market, which probably means lenders are initiating these foreclosures to clean out old inventory. And she says the total foreclosure numbers for 2015 remain lower than those from last year as well as the numbers seen in 2007, which she calls a "benchmark" for the housing crisis.