Friday, April 12, 2013

Fewer foreclosed homes means a stronger market

Foreclosure filings - including notices of default,  auctions and bank repos - during the first quarter fell 23 percent from a year earlier, the lowest level in six years.
Last month, banks repossessed just under 44,000 homes. In September 2010, repossessions topped 100,000 a month.
"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac.
For the past couple of years, foreclosures have been on the decline as homeowners seek alternatives like short sales, in which they sell their home for less than what they owe and the bank agrees to forgive the difference.
The deals are preferred by the banks over foreclosures and have less of a negative impact on a consumer's credit score. But now even the need to turn to short sales is waning. 

-From CNNMoney

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