The report that came out for January 2010 figures by Realty Trac indicates that overall foreclosure activity was down by about 10% from the previous month. Overall it is still above the 15% from that reported in January 2009.
According to James Saccacio, CEO of Realty Trac, he indicated that he expects a similar pattern like last year where there will be a surge of foreclosures over the next few months as delinquent loans, modification programs and short sales continue to rise. The New York Times reports that the Obama Administration is under intense pressure to help millions of people in danger of losing their homes and is considering a ban on foreclosures unless they have first been examined for potential modification. This should encourage lenders to evaluate defaulting borrowers before foreclosing.
In other news, RISD Media reported that 80+% of home sales begin on the internet. Any agent who isn't making a significant improvement in their presence on the internet is missing out. The traditional methods are gradually becoming a dead end. As I reported a few weeks ago, that's why I have expanded our internet exposure as we modify and revise our approach to marketing in today's economy.
Additional good news!! There are still low rates, the tax credit until April 30th and we are getting into the spring season. As always, don't drop your guard and have your home looking great!!
Thanks again to everyone for your confidence and trust in the Rick Martinez team.
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