Repos Increase as Banks Clean House | South Salem Real Estate

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Despite a decrease in overall foreclosure activity, bank repossessions in April increased 4 percent from the previous month, although they were still down 14 percent from a year ago. There were a total of 30,056 bank repossessions nationwide in April.

Bank repossessions increased from the previous month in 26 states and were up from a year ago in 16 states, including New York (142 percent increase), Oregon (91 percent increase), New Jersey (58 percent increase), Illinois (55 percent increase), Indiana (52 percent increase), Maryland (45 percent increase), Connecticut (44 percent increase), California (27 percent increase), and Nevada (15 percent increase).

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”



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http://www.realestateeconomywatch.com/2014/05/7579/

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