Bank Repossessions Hit Record High
HOUSTON, Texas, Aug. 16 (SEND2PRESS NEWSWIRE) — Foreclosure-Support.com, a market-leading source of foreclosed home listings and foreclosure market analysis, reported today that bank repossessions during the second quarter of 2010 topped out at 269,962 properties, the highest ever quarterly total since the foreclosure crisis began. The figure was up 5% from the previous quarter, and 38% from the second quarter of 2009.
Foreclosure-Support business analyst John Clark was careful to point out the difference between bank repossessions and new foreclosures when assessing the statistics.
“Bank repos occur after a home has been in foreclosure for some time,” Clark remarked. “After the homeowner’s allotted time to pay off the debt runs out, the banks start repossessing.”
Bank repossessions are considered the final stage of foreclosure. Due to foreclosure moratoriums and loan refinancing and modification programs, many foreclosure properties avoided repossession for longer than usual. Now that those periods have [...]
Original post by Foreclosure-Support.com