Why The New Wave Of Foreclosures Is Good News For Homeowners
Why The New Wave Of Foreclosures Is Good News For Homeowners
By Morgan Brennan, Forbes, June 14, 2012
Today RealtyTrac released its May foreclosure report and the numbers aren’t great. Foreclosure filings — defined as default notices, scheduled auctions and bank repossessions – ticked up 9% from April. It’s the first nationwide increase in foreclosures in 28 months, after more than two years of consecutive declines. Currently one out of every 639 homes in the U.S. is now distressed.
Disposing of Distress Differently
By Daren Blomquist, RealtyTrac Vice President, June 14, 2012
We noticed some interesting numbers that clearly demonstrate how lenders are changing the way they dispose of distressed properties — moving away from bank repossession and toward short sales. From January 2007 through March 2012, lenders have started the foreclosure process on more than 8.5 million U.S. properties. Of those 8.5 million foreclosure starts, 5.9 million (68 percent) have been disposed of either via pre-foreclosure sale — typically a short sale or a sale at the public foreclosure auction —or by bank repossession (REO). Those REOs eventually are re-sold by lenders to try to recover any losses on the loan.
April Settlement Brings May Foreclosures
By Daren Blomquist, RealtyTrac Vice President, June 14, 2012
The most notable statistic in the RealtyTrac May 2012 U.S. Foreclosure Market Report released today was the year-over-year increase in foreclosure starts following 27 months of annual declines.