RealtyTrac announces escalating trend in foreclosures. From ForeclosurePulse.com:
“U.S. foreclosure activity in July increased 8 percent from the previous month and 55 percent from July 2007, according to the RealtyTrac Foreclosure Market Report released today. View state-by-state details. Bank Repossessions (REOs) accounted for 28 percent of all activity during the month, while defaults accounted for 41 percent and auction notices accounted for 31 percent. That is in contrast to REOs accounting for just 16 percent of all activity in July 2007, while defaults in July 2007 were still at 41 percent and auction were at 43 percent. This shift in percentages shows that a higher proportion of properties that enter the foreclosure process are ending up repossessed by lenders.”
Foreclosures are bad enough. When they don’t sell at the courthouse and go into the REO portfolio, they may be there a long, long time. Hang on!
