Bank foreclosures sales do not mean that foreclosed-upon homeowners are already free from their mortgage contracts. Banks are now seeking court judgments to collect differences between sales proceeds and loan balances.
Some areas of the U.S. take longer than others in terms of conducting sales for tax deeds and foreclosed properties. In Florida, some metro areas take almost two years before getting foreclosures sold.
Sheriff sale houses and properties up for foreclosure auction declined in the whole New York City last month. Year-over-year decline was pegged at almost 60%.
Arizona foreclosures are expected to slow down after the state received $125 million to help troubled homeowners. More than 6,000 homes in Arizona became REO units in May, up from 5,452 in April.
The foreclosures sales programs of the Departments of Housing and Urban Development and Veterans Affairs have been tweaked to enable more buyers to acquire government owned homes.
Las Vegas home foreclosures bowed to traditional sales for the first time in 20 months in January this year. Sales of nondistressed homes shot up and accounted for 53 percent of all homes resold in January while sales of foreclosed homes dropped to 47 percent of total sales.
Bank foreclosures sales have been rocking small community banks in Georgia partly because they lack personnel who have the expertise to handle complex financial problems arising from the foreclosure crisis. A total of 30 banks in Georgia have failed since 2008.
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