This is a really interesting bit of information pulled out of the home foreclosure report that came out on Tuesday. Just another sign of how excessive the real estate market was and is even today. This suggests much more room to fall before prices even come close to stabilizing.
The numbers were pretty nasty nationwide, as expected, with activity up 23 percent quarter to quarter and 112 percent year over year.
When you break down the sub-categories, however, you find that the number of bank-owned properties is rising faster than ever before. “Typically you’ll see about 20 percent of the foreclosure filings being bank-owned,” RealtyTrac’s Rick Sharga told me in an interview this morning. “We’re getting to a point now where it’s well over 1/3 and aiming at 40 percent, so that just suggests that a lot of these homes can’t even be sold to investors at auctions – because there’s just no equity in the properties.”
