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Foreclosures Fall 8% During Last Month Alone! What this means for the market
Foreclosures Fall 8%, New Wave Expected
How it will affect the market


One of the plagues of today’s market continues to be foreclosures. It’s a word that makes many home owners shudder and a feeling of malcontent while to others it’s a “blessing” for they can possibly afford to buy this home for their family. I read an article this morning in Realty Mag with some [encouraging ] news about foreclosures and their percentages falling. First, however, we need to understand why foreclosures are more likely than not worse for the economy than not.
It doesn’t just affect the previous owners of the home, but it also affects the bank that held the mortgage, the value in your neighborhood and the market in general. Let me explain why:  Say you’re living in a neighborhood where houses are going for about 400k and you’re looking to sell. Another home is going for 410k while a third is going for 390k. However a home just around the corner has just been foreclosed upon and sold for 320k, much less than its value had it not been foreclosed upon. Now the average price in your neighborhood has just plummeted from 400k ... more

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