As Prices Rise, Banks Repossess More Homes

By Ironman   follow   Fri, 21 Jun 2013, 6:37am PDT   ↑ Like   ↓ Dislike   519 views   0 comments   Watch (0)   Share   Quote  

As real estate gains value nationwide, banks are acting more quickly on delinquent loans and repossessing more homes.

For years the process has been slow and arduous, with hundreds of thousands of borrowers living in homes for months, even years after they had stopped paying the mortgage. That is now changing.

So-called REO (real estate owned) activity by banks, when the bank takes ownership of the property, increased 11 percent in May from the previous month, according to RealtyTrac.


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