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Foreclosures Still On the Rise

By
Mortgage and Lending with Diverse Solutions

Glenn Roberts Jr., article writer for Inman News, said in an article dated April 3, 2007 that:

"If home ownership is the American Dream, foreclosure is the nightmare."

How many of you would agree with that statement? Say "I."

The reality of the matter is that a lot of families consider owning a home to be a part of the American Dream. But with foreclosure rates looming so high, and the Credit Crunch taking it's toll, to more and more families, the American Dream of owning a home is now a nightmare.

What does this mean for Buyers?

Glenn Roberts goes on to write:

"This misfortune for some homeowners... presents an opportunity for real estate agents and bargain-hunting buyers alike."

He's right! We here the media talk daily about how the market is dying and how it's such a bad time to invest in Real Estate. But guess what...you don't make money by buying high and selling low. With foreclosure rates up at all-time highs, wouldn't now be a prime time to consider taking advantage and purchasing some Real Estate?

Dominic Monariti, a Real Estate Agent with Performance Realty Inc. specializing in REOs (Real Estate Owned) says:

"'People are quitting their full-time jobs and becoming investors now. There are more and more foreclosures on a regular basis. I can't even keep up with the hundreds of foreclosures that come on the market.'"

Here's a prime example of a Realtor who gets it and is sharing the message appropriately with his investor clients. But be careful not to jump the gun! You might be too hasty about investing in foreclosures and that makes for a poor investment; the last thing you want is for your investment to flop! 

 

[Continue Reading this Short Article Here] 

 

Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate

Good Post. I really think you are right. We could all learn something from this.

Dwayne West-"Your Canton Georgia Real Estate professionals"

Sep 10, 2007 01:51 PM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Ricardo,

Good info....and thanks for the work you are doing for my prospective client....not an investor, but one who wants to buy low, and build equity.  They are the American Dreamers :)

Sep 10, 2007 01:59 PM
Ricardo Bueno
Diverse Solutions - Los Angeles, CA
Dwayne: thanks for stopping by. I think in light of the changes we are saying there still rests opportunities for some. 
Sep 10, 2007 02:09 PM
Ricardo Bueno
Diverse Solutions - Los Angeles, CA
Kathy: My pleasure Kathy! And they truly are! They're an excellent couple and you can see how their taking the rights steps in moving forward. 
Sep 10, 2007 02:10 PM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
They're going to be on the rise for some time now.  They'll mellow out, but not for a while.
Sep 10, 2007 02:21 PM
Ricardo Bueno
Diverse Solutions - Los Angeles, CA

Larry: I have to say that it's definitely going to be a while. I had a couple of phone calls and inquiries into the new FHASecure Plan. A lot of my prospective borrowers were happy because they thought, "hey now here's a solution!" Overall they were pleased with the plan and how it was said to eliminate a large part of the foreclosure problem. 

Unfortunately, what they were missing is that this plan has a loan limit as well. And in California, most properties fall outside of that range which makes a not so viable financing solution!  Not to mention the fact that one of the requirement stipulates that you must be in good standing on your current mortgage to qualify. A lot of individuals are not! 

What it really makes me think is that we're masquerading along and not really bringing to light the true depth of the problem.

Borrowers/Home Owners need to do:

- Credit Reviews

- Loan Recast Reviews 

And it's all in the name of good preparedness!  

Sep 10, 2007 02:26 PM
Kaye Thomas
Real Estate West - Manhattan Beach, CA
e-PRO, Manhattan Beach CA
Ricardo- If rates go down next week .. the fourth quarter will be a great time to buy as there will be deals to be made..
Sep 10, 2007 06:37 PM