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Economy
Repossessions spike 66% as foreclosure crisis lingers
2015-10-16
[CNBC] New foreclosures may be back to nearly normal, but the mess from the epic housing disaster in the last decade is far from gone. Bank repossessions, the final stage of the foreclosure process, jumped 66 percent year over year in the third quarter of this year, according to RealtyTrac, a foreclosure sales and analytics company. It's the largest annual rise ever recorded in bank repossessions by RealtyTrac. More than 123,000 homes went back to the bank in just three months.

"In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years," said Daren Blomquist, vice president at RealtyTrac. "That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values."
Posted by:Fred

#3  But, but The Ministry of Truth(c) said the economy has recovered.
Posted by: Procopius2k    2015-10-16 08:33  

#2  Failed bank list.
Posted by: Besoeker   2015-10-16 08:25  

#1  Governments robbed anyone they could to stop land affordability from recovering.
Posted by: Bright Pebbles   2015-10-16 08:21  

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