Although foreclosure filings fell 34 percent last year to their lowest level since 2007, experts expect to see an uptick in filings this year as foreclosure processes, delayed by legal issues, ramp up again.
More than 4 million Americans have already lost their homes to foreclosure since the beginning of the housing mess in 2007, and fresh stock filtering through the pipeline in 2012 could prolong the wait for a rebound in housing prices.
Housing values continue to trend downward and more supply on the market fueled by new foreclosures in 2012 could keep prices lower for longer. That’s bad news for the more than 6 million Americans grappling with underwater mortgages.
Even with foreclosure processing delays, “We’re past the peak in foreclosures,” says Daren Blomquist, director of marketing communications at Realty Trac, adding that ideas being tossed around about how to deal with the glut of foreclosures on the market is a step in the right direction.
Reports that the White House planned to move forward with plans to sell government-owned properties in bulk to investors were met with mixed reactions. “Some of these foreclosures just aren’t very appealing to individual buyers,” says Blomquist. “We need to look to real estate investors both on an individual level and an institutional level to handle these.”
summarized from Sharp Drop in Foreclosures Last Year But More on the Way
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