published Thursday, March 28th, 2013

Foreclosed properties on market rise again

After peaking at more than 2.2 million at the end of 2010, the number of properties in foreclosure nearly fell in half to a five-year low of 1.3 million by last May.

But a new study shows that the number of foreclosed properties is again rising across most of America. Homes actively in the foreclosure process, as well as unsold bank-owned homes, rose to about 1.5 million in the first quarter of 2013, the foreclosure reporting service RealtyTrac reported Wednesday.

RealtyTrac estimates the total market value of homes in foreclosure or bank owned is about $200 billion, up 14 percent from the estimated $175 billion a year ago. Following the finalization of the National Mortgage Settlement in April 2012 banks began foreclosing on more properties, boosting the inventory of such properties.

Despite the nationwide increase, however, the number of unlisted foreclosures where banks are initiating action to seize properties from delinquent mortgage holders was still down by 21 percent in Georgia an by 13 percent in Tennessee, RealtyTrac said.

about Staff Report...

Get breaking news from the Times Free Press on Twitter at or by visiting us on Facebook or Twitter at the right:

Other National Articles

videos »         

photos »         

e-edition »


Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.