In 2012, banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, said RealtyTrac Inc. and reported by Bloomberg.
About 1.89 million properties received notices of default, auction or repossession last year, down 34 percent from 2010 and the lowest number since 2007, the Irvine, Calif.-based data seller said in a statement. One in 69 U.S. households received a filing.
The number of home repossessions is likely to rise about 25 percent from the more than 804,000 properties seized last year as lenders resume foreclosure actions, Daren Blomquist, a spokesman for RealtyTrac, said in a telephone interview with Bloomberg.
About 400,000 additional homes would have been repossessed without the slowdown, Blomquist said.
Foreclosure filings totaled almost 2.7 million last year as some properties got multiple notices, RealtyTrac said.
To read the full article, click here.
Advertisement
Related Stories
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
Market Data + Trends
Single-Family Permits Show Increase in February
Year-to-date ending in February, single-family permits were up in all four regions of the U.S.
