Business Briefs: Foreclosure sales decline in quarter

Business Briefs: Foreclosure sales decline in quarter

June 1st, 2013 by Staff Reports and Wire Service in Business Around the Region

Foreclosure sales decline in quarter

Foreclosure-related home sales in Georgia during the first quarter fell nearly 24 percent from a year ago but still accounted for more than one-third of sales in the state, according to a new report.

RealtyTrac said 35 percent of home sales in Georgia in the first three months of 2013 were foreclosures, the largest percentage for any state. A year ago nearly half of home sales were foreclosures. With rising home prices, both sellers and lenders have less of an incentive to take a loss on property, according to Vice President Daren Blomquist.

"Underwater home-owners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating," Blomquist said.

Bank closures continue down

Regulators say they have closed a small bank in Wisconsin, bringing the number of U.S. bank failures to 14 this year. The Federal Deposit Insurance Corp. on Friday seized Banks of Wisconsin, based in Kenosha, Wis. The failure is expected to cost the deposit insurance fund $26.3 million.

U.S. bank closures have been declining since peaking in 2010 after the 2008 financial crisis.