Banks to Seize One Million Homes in 2012

In 2011, the number of homes receiving foreclosure filings dropped 34% from 2010. About 804,000 homes were repossessed, a number that is significantly lower than any in recent years.

But this period of slight relief will not be long lived...

RealtyTrac Inc. released data that indicates a possible 25% increase in property repossessions in the next year.

Foreclosures hit a slowdown in 2011 with issues in the legal processes, which Brandon Moore, CEO of RealtyTrac, referred to as “highly dysfunctional.”

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” Moore added.

But the second half of the year showed signs of a rise in this, and one that analysts expect to continue well through 2012.

Daren Blomquist of RealtyTrac said that had foreclosures stayed on track in 2011, the number of repossessions would have been upwards of one million.

http://www.wealthwire.com/news/finance/2516

GOP Cribs: Where the Candidates Live

Location: La Jolla, Calif.

Estimated value: $9.6 million

Out of all of the candidates, former Massachusetts Gov. Mitt Romney owns the most real estate, including a townhouse in Boston and this beachfront home in La Jolla, Calif.

Romney bought the home in May, 2008 for $12 million, according to public records. Now, he is planning a massive overhaul of the place.

The Spanish-style home is on a cul-de-sac with direct access to the beach. There are plenty of luxury features like a secluded patio with a lap pool, spa and a chef's kitchen.

Zillow currently values the home at $9.6 million, but that's about to change. Romney has filed an application with the city to tear down the 3,000-square-foot, single-story property and build a more than 8,000-square-foot, three-story home, according to the city of San Diego's development services department.

http://money.cnn.com/galleries/2012/real_estate/1201/gallery.candidate-homes/

Mass Homes with Price Reductions...

Who doesn't like a sale? We looked at price cuts in desirable towns in Massachusetts and found these 10 head-turning homes. Take a look at some of the houses on the market with current prices ranging from under $230,000 to $18 million.

http://www.boston.com/realestate/gallery/onmarket/reduced_price_massachusetts_homes/