A new report released by the New Hampshire Housing and Finance Authority shows home foreclosures spiked in December 2011–up 35 percent from that November.
Jane Law of the Housing Authority says foreclosures have been declining since their peak in 2010, and December’s jump might be an anomaly,
“The biggest factor is just mortgage companies are just kind of clearing out some inventory before the end of the year, which is the end of their tax year usually.”
Law says while there were two percent fewer foreclosures over the course of 2011 than in 2010, the recovery in the home market will be slow.
She says home prices might decline slightly before rebounding, and it could remain a buyer’s market for some time to come.