patrick.net

  new post
register or log in

patrick.net's 40 proposals »

10,737 registered users, 2 online now: errc, Rashomon

As Prices Rise, Banks Repossess More Homes

By Ironman (132/140 = 94% civil)   2013 Jun 21, 6:37am   ↑ like   ↓ dislike   562 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.

http://www.cnbc.com/id/100812845

#housing

Watch comments by email

home   top   users   about   contact  
#investing   #housing   #politics   #humor  
housing crash   thunderdome   sexy pix   site suggestions  
best comments   ad hominem comment jail   patrick.net on twitter   random post  
please recommend patrick.net to your enemies