Banks Selling Off Their Foreclosure Inventory

Dated: 01/21/2014

Views: 1309

Banks are trying to take advantage of rising home prices by selling their foreclosed inventory more quickly. According to RealtyTrac, states with some of the largest backlogs of foreclosures are seeing an upward swing in properties that are moving to auction for quicker sales beginning last July. Per Daren Blomquist, vice president at RealtyTrac, “Lenders know there’s now a much better chance they can get those properties sold, so they’re moving to do that. The number of new foreclosures entering the pipeline is slowing. However, the number of foreclosures going to auction is seeing an uptick in 19 states, particularly in Oregon, Massachusetts, Utah, Connecticut, Delaware, and New York.”
At the time when buyers were on the sidelines and prices were still falling, lenders' had little or no incentive to speed up the foreclosure process. Doing so would only add to the large amount of empty houses that needed to be maintained. But now that prices are rising in most markets, the backlog of bank-owned homes is being trimmed quickly. With tight inventories of homes for-sale in many cities, banks are seeing opportunity in getting repossessed homes back on the market faster for a quick sale, analysts say.  Source: “Housing recovery sparks pickup in home seizures,” CNBC (Jan. 3, 2014)
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Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

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