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Foreclosure Filings Down, but Repossessions Rise

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Remember back in April, when the guy who runs the Irvine Housing Blog quoted a Bank of America executive speaking at a conference about how BOA was planning a "foreclosure blood bath" by the end of 2010? Perhaps Mr. Irvine was on to something. The Los Angeles Times reports that Realty Trac's latest figures suggest that banks are stepping up efforts to seize foreclosed homes. While foreclosure activity dropped, "the pace of homes exiting foreclosure and being seized by banks hit a record high in May for the second consecutive month, RealtyTrac said. The increase in repossessions suggests that lenders are beginning to work through a backlog of properties that developed after many foreclosures were frozen last year by national and regional moratoriums. In addition, the Obama administration pressured lenders to work with defaulting homeowners." More via the WSJ: "Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed," said RealtyTrac Chief Executive James J. Saccacio. California had the fourth highest rate following Nevada, Arizona and Florida.
· Foreclosure filings decline 3% in May [LAT]