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.
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