More and more people are paying their mortgages late, and the number of mortgage foreclosures are sky rocketing.
Late mortgage payments are at the highest they've been in years with almost five percent of people behind on payments.
Bankers say the reason for all the foreclosures is people with poor credit are not keeping up on payments on high-interest loans.
More foreclosures mean there is excess inventory, and with the current building boom in St Lucie County there is more competition in what's already a buyers' market. It makes Resales home owners look to more experienced Realtors to sell list homes people really want to sell. Pricing the property is a key factor in getting it sold.
Foreclosures are happening with all homes, large and small. People are getting in over their heads and end up with mortgages they can't afford. Are we going to see the same thing that happened in Texas years ago with banks loosing their shirts as well as homes selling for 50% of the original cost?
There is more inventory from new construction and new foreclosures and the buyers aren't there. Our properties are sitting on the market longer and longer. We the Realtors must be very careful to inform our sellers either not to sell today or get the price where it should be to sell.
If you are a new Realtor do yourself a favor and turn down the impossible listings. Go for the people who really want to sell and do your CMA on SOLD homes not active over priced homes,.
Lee Gerhard
RE/MAX Coastal Realty
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