Foreclosures jump 7 percent in October from September
Just about a year after the robo-signing scandal slowed foreclosure activity, apparently the banks have straightened out their procedures and are now picking up the pace.
The best line comes from James Saccacio, chief executive of RealtyTrac quoted by MarketWatch.
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we've been in for the past year as lenders corrected foreclosure paperwork and processing problems.” (emphasis added)
Now the doom and gloomers would have you believe that the banks will now dump millions of homes on the market driving down home values but they haven't done that yet so why should the start now. The banks have been steadily bringing homes to market at a reasonable discount to current market values and the inventory has been absorbed fairly well. I've actually seen some lender owned homes that seemed quite high just like any stubborn home seller who thinks their home is worth more than their neighbors. And when it doesn't sell, the price is reduced accordingly until it does.
If you're interested in buying a lender owned home, you can search all Charleston area foreclosures by price range.