Oregon’s foreclosure numbers declined 30% in May, but this could actually mean that the housing market will take longer to recover, experts say.
Oregon’s foreclosure numbers declined 30% in May, according to foreclosure listing firm RealtyTrac Inc.
However, this can actually mean that the housing market will take longer to recover, experts say.
Experts attributed the declining foreclosure numbers in part to lingering problems banks are experiencing in properly documenting its foreclosures. Homeowners have gone to court by the thousands to fight foreclosure, many of them arguing that the banks don’t have the necessary valid documentation to repossess their homes.
The delays continue to push the 2 million U.S. homes already on banks’ books or in some stage of foreclosure further into limbo and put banks on track to repossess about 200,000 fewer homes this year than in 2010, the firm said. “The problem with that, even though it sounds better, is that all of those foreclosure auctions we should have seen this year roll into next year, and that means it’s going to take that much longer for the housing market to recover,” said Rick Sharga, a senior vice president at RealtyTrac.
Read more at OregonLive.com.