Surge Of La Quinta Home Repossessions To Come?

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Real Estate Agent with Ronald Christopher & Associates. Proudly serving Palm Desert, La Quinta, Indio, Rancho Mirage, & Palm Springs. DRE# 01714898

Is La Quinta on track to see a surge in home repossessions this year? RealtyTrac, Inc., a foreclosure listing service has said nearly 528,000 homes were taken over by lenders in the first six months of 2010, a rate they say is on track to surpass the more than 900,000 home repossessed in 2009.

La Quinta Foreclosures

RealtyTrac also predicts more than 1 million American households are likely to lose their homes to foreclosures this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. By comparison, lenders have historically taken over about 100,000 homes a year.

Although banks have allowed delinquent borrowers to stay longer in their homes they are stepping up the process in order to clear out the backlog of distressed inventory.

Read the full article here courtesy of The Desert Sun.

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Rainer
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Joe Harvey
Lake Worth Real Estate - Lake Worth, FL

I think we will be seeing this trend until 2013

Jul 21, 2010 07:41 AM #1
Rainer
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David Okada
Douglas Elliman Real Estate - Manhattan, NY
Service-Beyond Your Expectations

I believe that number will probably increase as more wall street jobs are impacted by the new financial reform law.

Jul 21, 2010 07:47 AM #2
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Rainmaker
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Tina D Saporito, Your Dedicated Palm Desert, CA Realtor Since 2005

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