The Coming Foreclosure Flood

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The following excerpt comes via's Alyssa Katz, an award-winning author and regular contributor.  Interesting read, even if an ominous one. -- KB

Heartened by the recent rise in home prices? Don't get too comfortable. Standard & Poor's, the credit-rating agency that tells investors what mortgage-backed securities are worth, reports that the increase was just an illusion. It predicts the nation is about to see a deluge of new foreclosures that will drive real estate values back down.

Blame the "shadow inventory" – nearly 1.8 million homes that are on the road to foreclosure but for all kinds of reasons haven't gotten there yet.

Read the full post on HousingWatch.

Comments (3)

David Monsour
Keller Williams Keystone Realty - Gettysburg, PA

We've been hearing about this wave of foreclosures for a while.  I look forward to some opportunity but I don't want to see any adverse market conditions.

Feb 24, 2010 09:32 AM
Don and Valerie Keeton
RE/MAX The Producers - Omaha, NE
Omaha Real Estate - 402-496-3700

Today the news reported that 25% of Homeowners are upside down on their mortgage, and many of those people haven't lost their job yet or impacted with cicumstances that may require them to sell. 

I've also heard that there are several homes already forclosed on, but the banks have'not put them on the market yet.  I suspect that there are a lot more homes hitting the market.

Feb 24, 2010 09:39 AM
Adan Aguillon
Clark Realty & Associates LLC - San Antonio, TX

Thats my niche  or is it nitch lol well anyway Can I put in a order for ready move in foreclosures have about 15 clients on a watch list for northwest to north central San Antonio :)


Feb 24, 2010 09:44 AM