The volume of scheduled foreclosure auctions reached a nine-month high last month, suggesting that in early 2012 more homes in USA will be seized by banks or offered as short sales, in which lenders agree to accept less than the balance of a mortgage.
Although highly unfortunate for the victims, the distressed nature of the foreclosure property market in the USA presents purchasers with a unique opportunity to buy bargain priced properties in USA.
James J. Saccacio, chief executive officer at RealtyTrac said: “The first quarter typically is a better buying season, so you’ll see more of this inventory try to come to market.
“I expect 2012 to look similar to 2011 in volume if nothing changes with government intervention or regulations.”
Fresh figures provided by RealtyTrac, which publishes the largest database of foreclosure, auction and bank-owned homes, shows that a total of 224,394 properties received notices of default, auction or repossession last month.
RealtyTrac estimate that the U.S. housing market must digest over 14m distressed homes before the foreclosure crisis will improve. This includes around 1.5m homes in the foreclosure process, 3.5m with delinquent mortgages and at least 10m “underwater” properties.
Nevada led the nation with the highest foreclosure rate for the 59th straight month even as foreclosure notices fell 43% year-on-year, according to RealtyTrac.
California had the second-highest foreclosure rate, with one in 211 homes receiving a filing in November.
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