More Bank Owned Properties Coming

We have all read or heard about the flood of foreclosures in the housing market, but what happens to those properties after the bank takes possession? If the home doesn’t sell at auction, the bank owns the home and the debt sits on their books. Banks are not in the business of holding on to anything tangible, but they simply can’t keep up with glut of foreclosures. It is reported that 75 percent of the repossessed homes are yet to be put on the market because it takes several weeks to months for the lenders get around to listing the homes. The FDIC reports a 134 percent increase in REO (Real Estate Owned) homes from last year. Economists fully expect this number to increase as more and more people lose their jobs. More needs to be done by our government to help keep homeowners avoid foreclosure. Economically, foreclosure is a detriment to our economy and threatens to continue and worsen. Placing moratoriums on foreclosures is just putting off the inevitable and offers the homeowner no alternative to foreclosure.

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