Foreclosure Crisis Not Over

While the courts document judicial foreclosures in which the lender files a lawsuit against the borrower, there is no data on non-judicial foreclosures, in which the lender simply posts a legal advertisement and holds a public auction without going through the courts. Realtor Abe Lee estimated that more than 95 % of all foreclosures are non-judicial actions, which makes them hard to quantify until the end of the process, when the home goes on the market as a bank-owned property. Lee and others say it’s difficult to judge whether foreclosures are peaking or if a huge number are still to come. Roberson said her highest number of sales were in 2001, when she sold 416 bank-owned properties. Foreclosure news continues to dominate the news circles with millions of homeowners being reported delinquent by their lenders.

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To put this year in perspective, to date in 2008 she has closed on 43 homes with an average sales price of $410,000 and a total volume of $17.5 million. She currently has 78 properties either listed or in escrow. Joy has closed 57 bank-owned sales this year, and has 100 other properties in various stages of the process. “It’s been slow for about four or five years and then within the last two years it really went through the roof,” he said. Read the complete story >

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