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RealtyTrac: Foreclosure Numbers Are Mixed

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(Sacramento, CA)
Thursday, August 9, 2012

Foreclosure listing service RealtyTrac's July numbers show overall activity fell 11% from the previous month and 25% from a year ago. The numbers are mixed, however, if you dig deeper.

The end of the foreclosure process - bank repossessions or REOs - are down by 44% annually. But the first step - "notices of default" - have been on the rise for the past three-months.

"Is this bad or good news right (laughs)? It's a mix."

That's Daren Blomquist, RealtyTrac's Vice-President.
"At some point, I do think those foreclosure starts are going to translate into at least a slight increase in the REOs down the road and also an increase in short-sales in the short term."
A short sale is when the bank agrees to sell the property for less than the value of the mortgage.
Blomquist says lenders are much more willing to do short-sales now because repossessing a home has become a lengthy and expensive process.
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