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| Permalink View Article Stats Foreclosure Deal to Spur New Wave of U.S. Home Seizures, Help Heal Market Quicklink submitted by Sheila Samples (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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| The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely. A surge of home seizures may drive down values, at least for a while, in a fragile market. The number of new foreclosure filings fell 34 percent last year, according to RealtyTrac, resulting in a backlog that now may flood the market with low- cost properties. About 1 million foreclosures will be completed this year, up 25 percent from 2011. |
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