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Real Estate Market about to tumble again. You thought it was all over and time to pop the champaign ? LOL - Looky here !

 
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03/15/2013 12:08 PM
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Real Estate Market about to tumble again. You thought it was all over and time to pop the champaign ? LOL - Looky here !
Headwind to Housing Recovery? Foreclosures Flare-Up Again

Banks are repossessing fewer homes, in fact the fewest since March of 2007, but in some states that may be about to change, according to a new report from RealtyTrac, an online foreclosure data and sale firm.

Bank repossessions, the final stage of the foreclosure process are down 29 percent from a year ago, but foreclosure starts, which are the first stage of the process, jumped 10 percent in February from the previous month. This after falling for three consecutive months.

"At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years," said Daren Blomquist, vice president at RealtyTrac. "But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year."

In hard hit Nevada, where a new state law criminalizing faulty foreclosures went into effect last year, foreclosures basically ground to a halt. In February, however, they hit a 17-month high, up 334 percent from a year ago, according to RealtyTrac, which means banks will inevitably repossess thousands more properties in the near future.

This as home builders in Las Vegas are ramping up construction, due to historically low supplies of homes for sale. That supply is about to change.

The jump in new foreclosures is not just in the formerly hardest hit states either. Foreclosure starts jumped 319 percent in Maryland from a year ago, 172 percent in Washington, 139 percent in New York, and 70 percent in New Jersey. All of these states have large backlogs of delinquent mortgages due to new state laws governing foreclosures and/or the fact that they require a judge in the process.

[link to www.cnbc.com]
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03/15/2013 12:15 PM
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Re: Real Estate Market about to tumble again. You thought it was all over and time to pop the champaign ? LOL - Looky here !
All the 5 year extension modification loans are going to start rolling in.
Anonymous Coward (OP)
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03/15/2013 12:31 PM
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Re: Real Estate Market about to tumble again. You thought it was all over and time to pop the champaign ? LOL - Looky here !
bump

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