What Recovery? Home Prices May Hit Roadblock Soon
By Diana Olick, CNBC Real Estate Reporter
NEW YORK (CNBC) -- The recent growth in U.S. home prices may hit a roadblock in the coming months, thanks to a new supply of distressed properties hitting the market.
Banks are moving more delinquent loans through the pipeline at a faster pace, according to a new report released Thursday by foreclosure sale website RealtyTrac. The number of homes starting the foreclosure process for the first time grew for the second month in a row on an annual basis.
Just over one million properties received some kind of foreclosure filing in the first half of this year, an increase of two percent from the previous six months, according to RealtyTrac.The numbers are still down 11% from a year ago, largely because banks were still in settlement talks over the so-called, "robo-signing" foreclosure paperwork scandal. After a $25 billion settlement early this year, the banks began moving loans again.
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