The second quarter of 2010 saw nationwide bank owned dwellings and REO homes increasing in number. In California, Modesto distressed properties for sale, as well as bank owned houses in other metro areas of the state, rose during the quarter. Local figures were reportedly competing with national statistics in terms of bank owned property totals.
Majority of California distressed houses fell under the category of bank owned or REO for the 2010 second quarter. The state actually led the whole U.S. in terms of REO filings for the quarter in focus. Total REO inventory was pegged at around 45,700 in California, with areas like Los Angeles, Fresno and Modesto leading the state in terms of total bank owned properties.
Bank owned fixer upper properties for sale account for a big number of REO inventories in most states, according to latest housing statistics. Next to California, Florida recorded the highest number of bank owned residences for the second quarter. The state had a total of 32,860 REO structures, with most of them found in areas like Cape Coral, Fort Lauderdale and Fort Myers.
It was not just Modesto distressed properties for sale and the whole California that have huge supplies of bank repossessed properties during the quarter, other states like Illinois, Georgia, Arizona, Nevada and Michigan also had high REO and bank owned dwellings in their inventories. These numbers are expected to feed foreclosure rates further in the coming months.
Overall, bank foreclosures rose by 5% in the U.S. during the 2010 second quarter. Bank repossessed properties totaled almost 270,000 for the period, making the 2010 second quarter the highest ever in terms of number of bank repossessions. The total figure translates to a 38% surge when compared with the 2009 second quarter.
According to analysts, new foreclosures did not increase much during the quarter. Most of these bank owned properties were foreclosed prior to the second quarter and banks have just recently repossessed them, hence the increase in REO inventory levels.
Analysts have added that bank properties offer better deals to buyers and investors compared with other types of foreclosures. In California, the high number of Modesto Distressed Properties for Sale, as well as high number of REO in other metro areas, is expected to remain in the same level for the rest of 2010.
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