Thursday, June 10, 2010

Banks Seizing More Foreclosed Homes

Despite the fact that less Americans are behind on their mortgage payments, the number of homes being foreclosed actually increased in May. CNN Money put together a great article discussing some potential reasons for the hike, as well as a set of tips for those who have faced or are likely to face foreclosure in the future.

Bank repossessions hit a record monthly high in May, according to RealtyTrac, the online marketer of foreclosed properties. Lenders took back 93,777 properties, up 1% from the previous month's record and 44% from the same period a year earlier.

Foreclosure filings, meanwhile, fell by 3% from a month earlier and edged up less than 1% from May 2009. One in every 400 homes received a foreclosure notice last month.

"Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed," said James Saccacio, RealtyTrac's chief executive.

After foreclosure: How long until you can buy again?

Overwhelmed by the mortgage meltdown, lenders have been relatively lax in repossessing homes as they try to cope with the flood of borrower defaults. As the housing market starts to stabilize, however, they are turning their attention to taking back homes.

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