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.
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.