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Get ready for a slew of Foreclosures destined to slam your local real estate market in the next few months....

According to the article below: Foreclosures did not surge in April because the banks simply didn't have the workforce to process all the troubled loans after the moratoriam had caused a backlog of distressed properties.

Here is an article from CNBC that will explains things further that you may like to read

In this article by Diana Olick, she goes on to say  they are seeing a significant increase in the number of people calling for help from the Consumer Credit Counseling Service of Greater Atlanta who have interest-only mortgage loans and are going delinquent. Last year at this time they counseled about 100 per month. Now they're doing about 800 per month.

So as realtors, if people ask you if homes are a great investment, you may want to be careful with your answer.  My answer is this: your home is an investment in living.

 
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10 Comments on Foreclosures Will Surge In The Near Future!

MAY
11
2009
431,172 Points 26 Featured Posts Outside Blog Called Shot Master

The banks certainly cannot cope with the number of foreclosures they're dealing with.

The additional problem is the lack of efficiency in processing the offers coming in on those foreclosed properties that are already on the market!
9:17pm • #1
160,137 Points 1 Featured Post Outside Blog

Stewart: you may recall 6-8 months ago I predicted over a 1000 banks would fail....people are starting to get the message.

The banks are propped up on the stock market and are just starting to unwind in price....it could be a summer to forget soon!
9:29pm • #2
811,199 Points 91 Featured Posts Outside Blog Called Shot Master

A friend of mine that works foreclosures only shared this with me today.  Just wait.  From what I heard there is excess of 800,000 foreclosure's not on the market yet sitting in a shadow inventory.
10:26pm • #3
160,137 Points 1 Featured Post Outside Blog

Jim: I wish I could say what is truly happening. I think the truth is not being told here down the line. That is the purpose of my post here is to let the public know what is going on.
10:32pm • #4
MAY
13
2009

Rumor has it that some banks are holding on to foreclosures in hopes of getting bailout funds.  Not sure of the veracity of this, but I wouldn't be too surprised.
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Steve Harless "Your Las Vegas Real Estate Connection"

Las Vegas, NV

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Haines & Krieger Realty - 702.217.1680

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