Industry NewsMarkets & Economy

Bank repos at lowest level in 65 months

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

As housing markets continued to recover and with spring buying season just around the corner, repossessions of homes in February plunged to a 65-month low, RealtyTrac reports.The number of homes entering real-estate owned (REO) inventory fell to 45,038 in February, down 11 percent from January, according to RealtyTrac's February 2013 U.S. Foreclosure Market Report. Year-over-year, the number of homes repossessed plunged 29 percent, to the lowest level since September 2007, RealtyTrac said.The report also found that overall foreclosure-related filings -- which, in addition to repossessions, include notices of default and auction notices -- clocked in at 154,281, up 2 percent from January, but down 25 percent from a year earlier. "At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years," said Daren Blomquist, vice president at RealtyTrac. Even so, Blomquist noted that notices of default -- which init...