What should be considered when reviewing foreclosure statistics and sales information reported by the news media?
When reviewing foreclosure statistics and sales information, this data should be considered in its context relative to the identified area because residential real estate markets are highly localized and always changing. The facts presented are usually based upon a specified time period and vary according to population characteristics, the job market, sub-prime lending issues, financing, and the economy of that area. Another major factor to consider is that some statistics are based on the number of properties going into default rather than on the properties that have completed the foreclosure process. These figures, according to some real estate experts, tend to adversely influence housing indices and overstate the problem. Last of all, it must be noted that some companies who have supplied information to the media, the Federal Reserve Bank, and Congress have been questioned, and certain firms chastised for their methods of counting the number of foreclosure properties. Since foreclos
