It is my belief that we have always had a great deal of foreclosure homes on the market. The real difference with now is that everyone knows about them, especially now since most areas are experiencing record highs of these types of properties. I broadly attribute much of this to lack of knowledge on part of the borrower about which mortgage plans to pursue and associated risks, popularity of interest-only and adjustable ARMS in recent years, easy to get appraisal figures and a slowing new construction crisis.
What do you think?
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