Banks to Seize One Million Homes in 2012
Posted by Brianna Panzica - Monday, January 16th, 2012
In 2011, the number of homes receiving foreclosure filings dropped 34% from 2010. About 804,000 homes were repossessed, a number that is significantly lower than any in recent years.
But this period of slight relief will not be long lived...
RealtyTrac Inc. released data that indicates a possible 25% increase in property repossessions in the next year.
Foreclosures hit a slowdown in 2011 with issues in the legal processes, which Brandon Moore, CEO of RealtyTrac, referred to as “highly dysfunctional.”
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” Moore added.
But the second half of the year showed signs of a rise in this, and one that analysts expect to continue well through 2012.
Daren Blomquist of RealtyTrac said that had foreclosures stayed on track in 2011, the number of repossessions would have been upwards of one million.
In 2012 foreclosures will reach that million mark. After all, nearly 1.89 million homes were issued notices of foreclosure last year.
The state of Nevada had the most foreclosure filings in the country, with a rate of one in 16 homes receiving filings. Las Vegas ranked number one for large cities.
Other states in the top five were also out west. Arizona, California, and Utah had high rates last year, even with the decline in total foreclosures.
Residents in these states have something to be concerned about in the next year as banks increase the rate of foreclosure.'
You can see the other hard hit areas in the chart below: