Foreclosures Big in 2010

Foreclosures were big in 2010 and buyers eager to own them came out in record numbers, Foreclosure Deals, a news source, reports.

Experts are expecting foreclosures to climb even higher in 2011.

“We saw a lot more repossessions, but we also saw record numbers of home buyers at foreclosure sales,” said James Foxx, business analyst for Foreclosure Deals. “Foreclosures are selling at rock-bottom prices, and they remain the best way for first-time home buyers or investors to find the best deals. I think it’s clear that statistics for foreclosures in 2011 are going to look very similar to those for foreclosure filings 2010.”

While in early 2010 foreclosures appeared to be dropping, experts said the problem was masked by government policies that set out to curb foreclosures. The policies provided increased funding for foreclosure education and gave lenders incentives for providing loan modification and refinancing for troubled home owners. But the new policies, experts said, only stalled foreclosures.

By April 2010, data showed foreclosures in the first quarter were 35 percent higher than in 2009. However, most of the increase was in bank repossessions and REO homes, the final stage of foreclosure. A slower growth rate occurred in new foreclosures listings coming onto the market.

Last year, metro areas in particular seemed to be hardest hit by an increasing number of foreclosures, with California, Nevada, Florida, and Arizona home to 19 of the top 20 foreclosure cities in the nation.

Source: “Foreclosure Deals; Foreclosure Filings 2010 Statistics Show No Shortage of Foreclosed Homes,” Real Estate Weekly News (Jan. 7, 2011)

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