Foreclosure Crisis in Final Stages?
The increase in bank repossessions or completed foreclosures in April even as other foreclosure statistics declined may indicate that the housing crisis is in its final stages RealtyTrac said today. While foreclosure filings overall, including default notices, scheduled auctions, and completed foreclosures, were down 1 percent in April, to a total of 115,830, there were 30,056 completed foreclosures, a 4 percent increase from March.
“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”