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Report: Banks Ramp Up Home Repossessions

Rich Pedroncelli / Associated Press
 

Rich Pedroncelli / Associated Press

Research firm RealtyTrac says there were 12,800 California properties with foreclosure filings in June; down 15 percent from a year ago. RealtyTrac’s Daren Blomquist says that continues a long term downward trend.

“We’ve now seen 31 consecutive months in California where foreclosure activity has been declining on a year over year basis,” says Blomquist. That’s overall foreclosure activity - beginning with the notice of default, then the auction listing, and finally the bank repossession.

Blomquist says what’s driving the overall activity down is foreclosure starts – or notices of default – are down 21 percent from last year. However Blomquist points out bank repossessions are up 18 percent from a year ago.

“A lot of people who’ve been in trouble for several years are finally being foreclosed on – that’s where we’re seeing the increase,” says Blomquist. 

The average time to foreclose during the second quarter decreased from a year ago by seven percent. Blomquist says it’s a sign that banks are working through delayed foreclosures.

 real estaterealtytrac