This year, a record number of homes were lost to foreclosure in the first 3 months. This may show that banks are starting to catch up on all of the delinquencies and are actually taking action, in the form of foreclosing.
The number of homes taken back by banks jumped 35% this quarter from the same quarter only 1 year ago. Additionally, households facing foreclosure rose by 16% this quarter, as opposed to last year’s same quarter.
Right now, we’re on track for the banks to repossess over 1 MILLION homes this year. 1 out of every 138 homes with a mortgage has received some type of foreclosure notice.
Things seemed to ease a bit with the government’s push on foreclosure recovery and moratoriums, but now it seems to be backfiring, because banks are now starting to process all of the back inventory that was delayed with those plans.
Although it’s a grim outlook for many homeowners, things can be different for those that step in to help. Foreclosure investors and real estate professionals can not only help out many homeowners, they can also make incredible profits by doing so.
Either the banks will take back these houses and leave the homeowners with nothing, or investors and real estate professionals will step in and make a difference. Something IS going to happen.
You can read the Yahoo article on Surging Foreclosure Rates Here
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David Corbaley
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