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U.S. Foreclosures Double

By Richard Rosa

Real Estate Agent with Buyers Brokers Only, LLC

April 27, 2007 11:01 AM

The number of U.S. homes entering foreclosure doubled in the first quarter compared to the same period in 2006, The Boston Globe reported April 17, 2007.

"Owners of 168,829 homes in the first three months of 2007 got notices that lenders had filed for foreclosure due to failure to pay loans or liens, Foreclosures.com said ...

"That compares with 83,154 homes in the same period of 2006, the Sacramento, Calif.-based research firm said."

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Randal Keberlein

Weichert Realtors, Precision - Kenosha, WI

GReat, more homes on the market. Just what we need.

Apr 27, 2007 11:37 AM

Nicolette Ceballos, Fountain Valley Now Serving all of California

Bilingual Escrow Officer - Fountain Valley, CA

Thanks for the blog. I went to Foreclosures.com and was amazed at what an awesome website it is. This is the only way I would be able to afford to purchase a home and this is the perfect website to learn how to do it. Thank you!

Apr 27, 2007 12:12 PM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Hopefully, if foreclosures continue, it will help the average prices of homes in my market come down. Something has got to do it. Sellers are not helping.

Problem with foreclosures here is that everyone believes that they are going to get a great house for a very good price. NOT SO.

These foreclosures are priced right along with everything else on the market. If the list price is lower than market, the property is reduced for condition which just means the buyer will pay to make the repairs.

Apr 27, 2007 12:18 PM

Kelli Fronabarger

Bend River Realty Inc. - Bend, OR

Realtor - Bend Oregon

Thanks for keeping all of us in the know. Certainly, many of us anticipated this. Great post: )

Apr 27, 2007 01:03 PM

Richard Rosa

Buyers Brokers Only, LLC - Haverhill, MA

Exclusive Buyer Agent

I agree Lenn. Buyers think they are going to buy a $400,000 house for $200,000 because a bank is selling it. Not likely.

There is certainly a better chance a low-ball offer will be accepted, but the really good deals that need some repairs are scooped up by contractors within days.

Also, the foreclosure market is not necessarily the ideal place for a first-time home buyer to be looking for a house. There are many potential pitfalls.

Finally, the foreclosure numbers in the media are a bit misleading. The press typically reports foreclosure filings. That isn't an actually foreclosure. My understanding is that the vast majority of foreclosure filings are resolved before a lender must foreclosure.

Apr 27, 2007 01:03 PM

Nicolette Ceballos, Fountain Valley Now Serving all of California

Bilingual Escrow Officer - Fountain Valley, CA

So Richard, then you don't think that a first time buyer has a better chance in affording a foreclosure than a normal listed house? Some are still being sold for less than market value...Isn't that an advantage?

Apr 28, 2007 01:30 PM

Robert McArtor

RE/MAX Components - Fallston Maryland - Bel Air, MD

Top Listing Agent for Baltimore and Harford County

I have conducted Probably well over 15 to 20 Million Dollars in Foreclosure Sales since Jan. 2007 of this year here in Maryland. Everyone is waiting for the discounts which I do not see coming consistently. They are rare but when they happen, as the good Len Harley has stated, it is because it needs repairs (at least from the outside) or it is burnt out. REO Agents....here they come!

Apr 28, 2007 04:00 PM

Robert McArtor

RE/MAX Components - Fallston Maryland - Bel Air, MD

Top Listing Agent for Baltimore and Harford County

Apr 28, 2007 04:01 PM

Maria Salvaggio

Century 21 North Shore - Lynnfield, MA

MA North Shore REAL ESTATE

Thank you for the great information. Back 2 years ago when real estate was flying. I had so many buyers taking 100% financing. I guess this is part of the increase in forclosures. How sad

May 27, 2007 05:47 PM