REPOSSESSIONS SLOW: Foreclosure listing service RealtyTrac says the number of homes repossessed by banks in the first half of the year fell 30 percent from the same period last year amid lender foreclosure processing delays. Overall foreclosure-related notices declined 29 percent in the same period.
FORECLOSURE OVERHANG: The slowdown in the number of foreclosure filings means many homes that might have otherwise have been foreclosed upon this year will likely be repossessed by lenders next year, dragging out the housing recovery and uncertainty about home values.
FORECLOSURE FORECAST: RealtyTrac expects between 800,000 and 900,000 homes will be repossessed this year.
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