The foreclosures are coming! The foreclosures are coming!

By
Real Estate Agent with Preferred Real Estate Services

The news states that a new wave of foreclosures are on their way.  With the high unemployment rate and a foreclosure occuring every 13 seconds in the U.S.  It seems like the waves of these homes keeps rolling in. 

Perhaps an extension of the Homebuyer's Tax Credit will help?  What do you think? 

It seems that there is no end in sight.  I have heard many analysts say that they think it will be Spring of 2010 until we see an improvement in the economy.  I think it is going to be longer than that.  There are many other homes that are Short Sale.  These tend to take so much longer to complete than a Foreclosure property.  Why is that?  Anyone?  Anyone?  I am open to your advice! 

Is there anything we can do for our clients?  I can offer my advice to them based upon experience.  However, alot of times it is information that is of no help to the customer.   

Comments (7)

Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

More specifically, what is anybody doing to change the way they are doing business with this information. Or is this information overblown? Should be be targeting investor clients ? Learning ore about programs that will help those in foreclosure to escape. I don't have the answer.

Oct 15, 2009 05:32 AM
Jon Budish
Resident Realty - Fort Collins, CO

With an expected rise in foreclosures in 2010, and continued high unemployment, there's no way the economy can really improve in 2010. It's wishful thinking, but not reality.

Oct 15, 2009 05:33 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

No one seems to know tha dirty low down on future foreclosures. Allegedly there are 700,000 foreclosures nationwide that are being held and not listed for sale. Perhaps, an attempt to keep the values up?

Oct 15, 2009 05:33 AM
Rachel Clem
Preferred Real Estate Services - Fredericksburg, VA

Valid points by all.  I have been very nervous about the homes being held and not released yet.  What type of business strategy is that?  What will the results be?

Oct 15, 2009 05:45 AM
Douglas Fischer
East Oahu Realty - Selling Honolulu, Hawaii Condos - Honolulu, HI

But why have we been hearing this for the last 6-9 months with no measurable increase seen in the areas I work?  In both Honolulu, Hawaii and Palm Springs, California, I've watched the inventory drop from 1000 bank owned homes to just a tad over 300.  It's been that way for almost nine months, even thought the media "pundits" keep warning of the next wave of foreclosures.  For me, I'll wait and see.

Oct 15, 2009 07:09 AM
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

I am hearing there are over 850,000 already foreclosed homes waiting to come on themarket.  They will start at the end of November after the elections.  How appropriate!  The reason they were held off the market is the NPS Neighborhood Price Stabilization...

Oct 15, 2009 07:51 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Our BPO's are starting to pick up, listings are already increasing.  What surprises me is that the short sales are becoming more difficult and the banks are becoming tough to deal with......wasn't that way the first of the year.

Oct 15, 2009 12:33 PM