Banks Foreclose On Homes

We are seeing that the banks are taking more homes, even as the number of people who fall behind on their mortgage has declined.  In May, banks had taken back nearly 93,777 properties, which was up 1% from the previous months record and 44% from the same period a year earlier.

One in every 400 homes received a foreclosure notice last month.

Throughout this mortgage meltdown, lenders have been lenient in repossessing homes as they are attempting to deal with the borrower defaults.  As we are seeing the housing market stabilize, they are putting their attention back on the repossession of homes.