The foreclosure crisis seems to be abating. The number of homes in foreclosure shrunk by 130,000, or 8.4%, in 2011, according to a report from CoreLogic, an economic research firm. There are dual reasons for the inventory drop, according to Mark Fleming, chief economist with CoreLogic. "The pace at which properties are entering foreclosure is slowing," he said. "And servicers nationwide stepped up the rate at which they were able to process distressed assets."
After foreclosures are completed and the homes are back in the hands of their lenders, the homes are being sold very quickly. "This is the first time in a year that REO sales — those of bank-owned properties — have outpaced completed foreclosures," said Fleming.
In December 2011, there were 103 sales of bank-owned homes for every 100 homes in foreclosure inventory. That was up considerably from November 2010, when there were only 94 REO sales for every 100 in the foreclosure process...q
Source: CNN/Money
After foreclosures are completed and the homes are back in the hands of their lenders, the homes are being sold very quickly. "This is the first time in a year that REO sales — those of bank-owned properties — have outpaced completed foreclosures," said Fleming.
In December 2011, there were 103 sales of bank-owned homes for every 100 homes in foreclosure inventory. That was up considerably from November 2010, when there were only 94 REO sales for every 100 in the foreclosure process...q
Source: CNN/Money
No comments:
Post a Comment