FORECLOSURE SALES HIT THREE YEAR HIGH

Foreclosure sales and short sales made up approximately 16.2% of residential sales in the United States last year, according to RealtyTrac’s 2013 U.S. Residential and Foreclosure Sales Report. That percentage is up 14.5% from 2012, and up 15.2% from what was reported in 2011. Foreclosure activity has been decreasing, falling to a seven-year low last year. Experts say that these sales are due to foreclosures during the recession that are just now getting off of the market. Daren Blomquist, RealtyTrac Vice President said, “it may surprise some to see distressed sales rising in 2013, given that new foreclosure activity dropped to a seven-year low, Why? Most of the increases in 2013 are recession-era foreclosures still in the system. Banks are repossessing more homes as higher prices are making it easier for them to sell, he says, but the recovery has strengthened most local markets enough to withstand blows from these nagging foreclosures.” More here