may foreclosures

The foreclosure numbers are out for May, and it appears that more and more banks are seizing homes. Nationwide, lenders took back 93,777 properties, while foreclosure filings fell by 3% since April. Oddly enough, this recent wave of seized houses actually has to do with the market becoming more stable. Lenders have been fairly lax in repossessing homes for the past few months while they tried to keep up with the vast number of people who were forced to default when the housing bubble burst. Because of the recent stabilization of the market, lenders are starting to catch back up and repossess assets again. Oregon’s foreclosure rate is currently one of the worse in the nation, ranked as having the 16th most foreclosures in the nation.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s