Foreclosures to Increase as US Housing Recovers

January 7, 2014
Live Trading News 
mortgage lending news

RealtyTrac predicts that foreclosures will increase as the housing market recovers, mainly because lenders will accelerate the foreclosure process to take advantage of higher prices and more willing and able buyers.

When mortgages were difficult to obtain and prices were on the decline, Daren Blomquist of RealtyTrac says lenders allowed defaulting borrowers to stay put in order to avoid penalties for failing to maintain vacant properties. Now, Blomquist says, "Lenders know there’s now a much better chance they can get those properties sold, so they’re moving to do that." Since last July, foreclosure auctions in 19 judicial foreclosure states -- including Oregon, Massachusetts, Utah, Connecticut, Delaware, and New York -- have picked up steam.

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