Yahoo! Finance reports with a misleading headline that Fannie Mae and Freddie Mac have begun significant layoffs, but then follow up with the fact that while they are laying off people from one division they are beefing up staff on the other side to handle a huge increase in foreclosures. At the same time the Spokane Journal of Business reported that bankruptcy filings are up nearly 30% on the eastern side of Washington, an alarming trend. Wjat does it mean for our marketplace? In my opinion, two important things to consider: 1) these foreclosure sales at distressed prices not only impact the market, they serve as comparable sale transactions when generating a CMA and latter an appraisal. 2) there are more foreclosures coming even if they are not in the system yet and that means there will continue to be some great deals out there for those buyers that are working with agents actively tracking foreclosures and keeping up to speed on a daily basis with the marketplace.
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