Foreclosures Delays End…REOs Increase.
Looking for 2013 Real Estate Predictions…?
Facts being facts, we are a long way from any sort of true housing recovery. A recovery in the sense that there aren’t still millions of underwater owners (up to 19,000,000 are STILL underwater).
The good news is that overall foreclosure activity continues to fall and a decline in new foreclosures are leading the drop.
The bad news is that the huge backlog of homes already in the foreclosures process, but long delayed, are finally going back to the banks in big numbers.
Bank repossessions jumped 11% in November month-to-month and rose 5% from November of 2011, according to RealtyTrac. That marks the first annual jump in just over two years.
"Foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases," notes RealtyTrac's Daren Blomquist.
Blomquist also warns that the drop in newly started foreclosures may be temporary, as lenders adjust to new rules set forth by new state laws as well as the National Mortgage Settlement signed early this year.
The bad news is that the huge backlog of homes already in the foreclosures process, but long delayed, are finally going back to the banks in big numbers.
Bank repossessions jumped 11% in November month-to-month and rose 5% from November of 2011, according to RealtyTrac. That marks the first annual jump in just over two years.
"Foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases," notes RealtyTrac's Daren Blomquist.
Blomquist also warns that the drop in newly started foreclosures may be temporary, as lenders adjust to new rules set forth by new state laws as well as the National Mortgage Settlement signed early this year.
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