Bank Foreclosure Homes Up 38 Percent in Past Year
LOS ANGELES, Calif., Aug. 13 (SEND2PRESS NEWSWIRE) — Bank Foreclosures Sale, an online leader in the bank owned homes listings and foreclosure information industry, announced today that bank foreclosures were up 5% in the second quarter of 2010. With 269,960 bank repossessions recorded, a new quarterly record was set for bank repossessions, which are up a staggering 38% from the second quarter of 2009.
The news comes as a good sign for buyers and foreclosure investors looking at buying REO or bank owned property. While the larger foreclosure property market actually decreased 4% during the second quarter, bank foreclosure repossessions mark an area where a surplus of properties could be a source of better deals.
“Due to mortgage refinancing and loan modification programs, we’re not seeing as many new foreclosure properties come on to the market right now,” says Simon Campbell, a market analyst for Bank Foreclosures Sale. “But [...]
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