Posted: Tue Jul 05, 2011 4:19 pm Post subject: Foreclosure Sales Drop, But Inventories Swell
I hesitate, a bit, before posting the article below, as in 13 years I do not know of a single home buyer buyer I have worked with later go into foreclosure, and to some degree I do not choose to 'go after' the short-sale and foreclosed upon homes for sale.
I do however realize that these properties are having an effect on prices.
SR
Quote:
Foreclosure sales continue to drop, but foreclosure inventories remain high in many markets across the country. By the end of May, the number of mortgages that were 90 or more days delinquent, combined with the foreclosure inventory, outpaced foreclosure sales by 50:1, Lender Processing Services Inc. reports.
The biggest drop in foreclosure sales occurred in East Coast states. For example, foreclosure sales plummeted 96 percent in Washington, D.C., 80 percent in Maryland, and 79 percent in New York, according to Lender Processing Services’ monthly mortgage monitor report.
Mortgages that are 90 days or more delinquent, combined with the foreclosure inventory, totaled more than 4 million in May. Foreclosure sales at the end of May totaled 78,676.
The average time a home owner spends in foreclosure continues to get longer. More than 33 percent of home owners in foreclosure have not made a mortgage payment in more than two years.
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