The First American CoreLogic data mortgage firm that tracks information for the U.S. has stated that the foreclosure market does not look good for a 2010 recovery. Today 3% of home owners holding a mortgage have filed for foreclosure or homes have been repossessed by the banks and are considered REO's (Real Estate Owned). Compared to 2009 the numbers are up by 2.2%.
In some larger cities the national average rate is up two to six times that amount.
Many homeowners are today in at least a 90 day delinquency and heading to foreclosure. There are at least 3.5 million mortgages across the country. About 2 million are in a 180 day delinquency. Folks our foreclosure industry rates are on the rise this year.
Miami, Fl has been hit hard and is the worst in the country by far with a delinquency rate of 28.8%
The rest of Florida has a 16% delinquency rate with Pensacola the only city under the rate at 10% where 90 day past due is at 9%.
Las Vegas, NV has a delinquency of 21.7%, could it be that the high-rise condo's did not pay off?
Riverside, CA is another city in the top 5 for foreclosure trouble with a delinqueny rate of 19.1% and just under that is Bakersfield, CA with a delinquency rate of 16.4%.
These are just a few examples of where our foreclsoure market is since 2009 and let me tell you, the Short Sale market is booming for 2010.
Yes, the government has made efforts to keep many of these foreclosures from going into REO's and have tried to help the distressed homeowners try to keep their homes. Great news for the real estate investors was the announcement from HUD that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans was waived which started February 1, 2010 and will continue for one year.
Inventory is up and available.The banks are (even thought its slow) releasing the REO's into the market. This is exactly why you need to be Short Sales today! This Is The Best Time To Be doing Short Sales!
Join me for my 3 Days Live Short Sale Training Event in Orlando, Fl May 21-23, 2010.
I will help you understand where we are in the market today and how you can help distressed homeowners and make MONEY!
I will show you how to make Short Sales easy and close deals
I will give you awesome techniques not used anywhere else.
There is pleanty of opportunity out there, come and grab yours!
To Your Success,
Hunter
407-772-2274
http://www.3dayslive.com
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