Now that the first month of 2014 is over with and all of the numbers are in, it looks like banks had a little easier time with foreclosures as the number dropped to the lowest level it has been in 6 years. The bad news is that there have been more homes entering the foreclosure process for the first time. All that means is that those states are going to see a surge in the foreclosed homes sometime this year. The numbers are in and according to one source that tracks foreclosure listings, banks took back 30,226 homes in the last month. Of the states that posted an increase New York, Oklahoma, Connecticut and New Jersey were a part of that group. Home that are tied to loans that are not paid, usually end up as part of bank inventory and end up going to auction to the highest bidder. In the end, the bank is getting back only a portion of what was owed to them when the loan was originated.
Repossessions Drop to Lowest Level in More Than 6 Years
“Lenders repossessed fewer U.S. homes in January, bringing the number of completed foreclosures down to the lowest level in more than six years.
Even so, many states posted sharp increases in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.
While foreclosures remain elevated in many populous states, they have been steadily on the wane since the U.S. housing market and economy began to rebound after years of decline.”
Basically, when it comes to Tampa foreclosures the numbers have been a hot topic over the last 5 to 7 years for sure. Each quarter and even month, they are changing and as the housing market starts to pick back up, consumers gain confidence to spend their money and banks are getting more realistic loans on the market, the foreclosure numbers should continue to decrease on some scale. Foreclosures in Tampa, FL peaked in 2010 with more than 1.5 million, but have been declining each year since.
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