Salient to Investors:
RealtyTrac said home seizures had its first annual increase since October 2010, as lenders seek to manage the flow of distressed properties without disrupting the housing recovery. Default, auction and repossession notices were down in November, down 19 percent from a year ago, and the 26th straight month with an annual decline. One in every 728 households received a filing. Home seizures rose in 29 states and DC, declined in 21 states. Florida had the highest foreclosure rate, followed by Nevada and Illinois.
Daren Blomquist at RealtyTrac said lenders have figured out how to play the foreclosure game to create a more managed and stable flow. Repossessions since March have slowed to less than 60,000 a month versus 87,542 in the peak year of 2010. Blomquist doesn’t see another spate of laws holding lenders accountable, or bank-owned homes dragging down the market to the extent they have in the past.
Read the full article at http://www.bloomberg.com/news/2012-12-13/home-seizures-rise-as-banks-adjust-to-foreclosure-flow.html