The number of foreclosures and
repossessions by banks is dropping, and investors may be the ones
driving the decrease. Investors are increasingly buying up properties
when they go on sale at public auction, according to RealtyTrac.
With an improving housing market, “investors are back in the game,” says Daren Blomquist, a vice president at RealtyTrac.
The percentage of homes completing the foreclosure process fell 29
percent in October compared to year ago levels, according to RealtyTrac
data. Foreclosure starts have been dropping nationwide for 15
consecutive months. Repossessions have decreased for 11 consecutive
months.
Source: “Fewer Homes Being Repossessed, Thanks to Investors,” The Associated Press (Nov. 15, 2013)