Bank Home Foreclosure Market Update

It seems like there are two opposing trends at force here. On the one hand, the number of foreclosure homes reached a new high in the 2nd quarter of 2010. However, the number of new foreclosure filings was down 4% during that same period. But as many sources are reporting, the reason for the decline in new foreclosure filings are repossesions is a telling story in itself. More financial institutions are approving short sales as an alternative to going through the lengthy (and costly) foreclosure process.

Bank Repossessions Up, But New Foreclosures Decrease

A total of 1.65 million properties were subject to foreclosure actions in the first half of the year, which works out to 1.28 percent of the total housing market, or one home in 78. Nevada continued to have the nation’s highest …

Publish Date: 07/15/2010 10:34

http://www.mortgageloan.com/bank-repossessions-new-foreclosures-decrease-7666

 
More here…

U.S. home foreclosures reach record high in second quarter …

U.S. home foreclosures reach record high in second quarter. July – 15 – 2010. Bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269952, according to data to be released …

Publish Date: 07/15/2010 9:38

http://economiccrisis.us/2010/07/home-foreclosures-reach-record-high-quarter/

Another good recap..

Residential Foreclosures Down in First Half but Only Because …

“Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009.” …

Publish Date: 07/15/2010 7:59

http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-may-home-foreclosures-2010-home-foreclosure-report-realtytrac-james-saccacio-foreclosure-rates-bank-reo-sales-bank-home-repossessions-2846.php