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.”
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