Bankrate – Foreclosure delay, delay, delay

Ominous numbers from RealtyTrac this week. The online marketplace for foreclosure properties says foreclosure filings in May were 33 percent lower than in May 2010, while, at the same time, the inventory of unsold, repossessed homes went up.

Even as foreclosures decline, homebuying is declining even faster.

“We have a lot of distressed properties on the market, and we still have a lot to get through,” says Shaun White, vice president of RE/MAX. “Up to this point we’ve sold, probably, three-and-a-half, 4 million foreclosures that have hit the market since this began, and we’re probably about halfway through the situation. Hopefully, in time, it won’t take as long to finish the second half as it did the first half.”

To read the entire blog post, click here.

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