A report issued by LPS on Monday and reported by DS News today, reports that as of the end of February, foreclosure inventory levels were more than 30 times the monthly foreclosure sales volume. In other words, we have over 2.5 years of foreclosure inventory to come through our market.
Ultimately, these foreclosures will most likely reenter the market as REO properties, LPS notes, putting even more downward pressure on U.S. home values.
LPS reports that the total U.S. loan delinquency rate stood at 8.8 percent as of the end of February. By the company's calculations, there are a total of 6,856,000 mortgages in the United States that are considered non-current.
For people that think they are alone, think again. Your neighbors, friends, co-working and our team included ... we're all going through it together. The key is to review your options with a team of professionals.
The counseling team with Re-Create The Dream consists of a bank negotiator and CPA available by appointment to review all possible options and help homeowners execute a strategy that leads them closer to their long term equity and investment goals. The one-hour consultation is free of charge. To schedule your appointment, contact Nancy Moeller at 714 276-7006.
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