From all accounts in the media, the level of foreclosures is rising and, in some circles, it is expected to get worse. As a real estate investor, I'd like to share my observations from my property searches over the past few months.
First, let me continue my theme that I'm seeing more and more deals come up in MLS that typically would require a little more work to find. For example, you typically would need to attend the courthouse auctions, institute a mail campaign, or work with wholesalers, among other things, to find these deals.
Of most importance is what I'm seeing when I'm out driving the neighborhoods in Gwinnett county. This is a little older community, with not so many new developments, but areas that were developed 30 to 50 years ago. I can almost say that I'm seeing at least one foreclosure in every neighborhood I drive. You see the paperwork in the window and a vacant house, and I drive through a fair amount of neighborhoods. If I could gauge the momentum of this acitivity, I would say that it's been increasing in level over the past two months.
Given what Washington is doing about some of this mess, its hard to say what the future holds, but I have a feeling that we have at least another 12 months of this rise in foreclosures before we see any turn.
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