RealtyTrac: Number of Foreclosures May Increase as Housing Market Recovers
Monday, 06 Jan 2014 06:51 AM
That's because lenders will speed up the foreclosure process and move homes to the auction block as home prices rise and more buyers line up for sales.
"Lenders know there's now a much better chance they can get those properties sold,
so they're moving to do that," Daren Blomquist at RealtyTrac, a real estate data firm, tellsCNBC.
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After the collapse of the housing market, mortgage credit was scarce, prices were
falling, and lenders were swamped by mortgage defaults. In many instances,
foreclosure proceedings were stuck in a quagmire of legal problems, missing
documents and unclear title chains.
Lenders often opted to let deadbeat borrowers remain in their homes rather than
seize a home they might not be able to sell.
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/Economy
/RealtyTrac-Blomquist-foreclosure-lender/2014/01/06/id/545362#ixzz2pgMJEbwJ
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