Banks seized 133,811 homes in the U.S. during the third quarter of this year, roughly the same as in the second quarter. But the number spiked by 66 percent compared to the year before.
A lot of these properties have been in default for a long time and are likely vacant. That means they may eventually sell at discounted prices that drag down overall home prices in their markets. These thousands of foreclosed homes may also provide an opportunity for investors. And according to RealtyTrac many of these homes will be hitting the market for sale in the next six to 12 months.