Based on a recent report from RealtyTrac, the foreclosure actions in the U.S. by banks fell in June 2011. The number of homes taken back by banks in June 2011 fell 19.5% compared with June 2010.
Specifically, the report noted that investigations into repossession and mortgage servicing practices continue to slow the country's foreclosure machinery. Every day, more and more lawyers are seeing the potential dollar signs associated with foreclosure defense and steering cliens through short sale transactions. Then, when adding in the 24-7 media as well as the internet, the proliferation of information available to citizens and they become more informed and potentially more inclined to take action, where before they may have taken no action due to the consideration that they were alone and their odds were a longshot at best. My oh my have things have changed in such a period of time. Just four short years ago, it was difficult to find someone who knew the terms short sale and foreclosure, much less REO or bank-owned.
Granted, there are a number of wildcards, namely, more banks are taking back more properties even as foreclosure actions are slowing. Time will tell what comes about from all of those bank repossessions.
Michael Hobbs, President, PahRoo Appraisal & Consultancy
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