Foreclosure filings are down but the pipeline for early 2012 is stuffed.
The paperwork issues have been mostly resolved and that could mean bank repossessions will come roaring back in 2012, said James Saccacio, CEO of RealtyTrac.
“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REO’s or short sales sometimes early next year,” he said.
There’s some talk about a recovery in 2012 but falls like the one we’re experiencing don’t just snap back.