Roller coaster ride is going to continue with the manipulation of real estate rising prices but this time it might fire back in their faces.

Those that are buying today will wake up tomorrow and say, “hey, why is my home is underwater”.

CNBC-

The good news is that overall foreclosure activity continues to fall and a decline in new foreclosures are leading the drop.

The bad news is that the huge backlog of homes already in the foreclosures process, but long delayed, are finally going back to the banks in big numbers.

Bank repossessions jumped 11% in November month-to-month and rose 5% from November of 2011, according to RealtyTrac. That marks the first annual jump in just over two years.

“Foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases,” notes RealtyTrac’s Daren Blomquist.

[CNBC]

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