Banks Repossessing More Homes as Home Prices Rise

June 13, 2013
USA Today  
mortgage lending news

RealtyTrac reports a jump in bank repossessions in 33 states in May, with the number of homes repossessed up 11 percent from April to nearly 39,000. Some states saw higher repossession rates, including 60 percent in North Carolina, 57 percent in Oregon, and 44 percent in both Wisconsin and Illinois. Craig King of Chase International in Reno, Nev., says, "Given the shortage of inventory and rising home prices, banks have little motivation to hold back on any foreclosures." Although foreclosure filings edged up 2 percent in May, they fell 28 percent on a year-over-year basis. Foreclosure starts, meanwhile, rose 4 percent from April but plunged 33 percent from May 2012. More than a dozen states saw a jump in foreclosure starts, with year-over-year increases of 82 percent in New Jersey, 81 percent in Nevada, and 13 percent in New York. RealtyTrac Vice President Daren Blomquist believes the strength of the housing recovery will help most local markets weather "a few more blows from these nagging foreclosures."
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