Foreclosure Activity Increasing
September 16, 2010    Disclosures    POSTED IN  Economy
RealtyTrac, a firm that tracks foreclosed properties in the United States, is reporting that foreclosure activity increased 4% in August 2010. According to James J. Saccacio, CEO of RealtyTrac, On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood presumably to prevent further erosion of home prices. With lenders slow to foreclose and slow to move the foreclosures they do have into REO it may take an extended period of time before house prices stabilize and the current oversupply of houses to end.
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Source: RealtyTrac
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