Foreclosures Will Surge In The Near Future!

By
Real Estate Agent with Legacy International

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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Rainmaker
482,422
Palm Springs Realtor Stewart Penn
Bennion Deville Homes - Palm Springs, CA
Bennion Deville Homes - Broker Associate

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!

May 11, 2009 02:17 PM #1
Rainmaker
191,879
Steve Harless
Legacy International - Las Vegas, NV

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!

May 11, 2009 02:29 PM #2
Ambassador
1,422,632
Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

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.

May 11, 2009 03:26 PM #3
Rainmaker
191,879
Steve Harless
Legacy International - Las Vegas, NV

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.

May 11, 2009 03:32 PM #4
Anonymous
Allen Davis

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.

May 12, 2009 10:53 PM #5
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Rainmaker
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Steve Harless

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