Foreclosed properties on market rise again

Foreclosed properties on market rise again

March 28th, 2013 by Staff Report in Business Around the Region

After peaking at more than 2.2 million at the end of 2010, the number of properties in foreclosure nearly fell in half to a five-year low of 1.3 million by last May.

But a new study shows that the number of foreclosed properties is again rising across most of America. Homes actively in the foreclosure process, as well as unsold bank-owned homes, rose to about 1.5 million in the first quarter of 2013, the foreclosure reporting service RealtyTrac reported Wednesday.

RealtyTrac estimates the total market value of homes in foreclosure or bank owned is about $200 billion, up 14 percent from the estimated $175 billion a year ago. Following the finalization of the National Mortgage Settlement in April 2012 banks began foreclosing on more properties, boosting the inventory of such properties.

Despite the nationwide increase, however, the number of unlisted foreclosures where banks are initiating action to seize properties from delinquent mortgage holders was still down by 21 percent in Georgia an by 13 percent in Tennessee, RealtyTrac said.