Foreclosure outlook bleak - 2011 to outpace 2010 - So what are you going to do about it?

By
Real Estate Agent with RE/MAX Affiliates

northern kentucky foreclosure

 

After a record year of 1 million homes foreclosed on in 2010, the outlook for this year is proving that 1 million  may be dwarfed in comparison.  There are nearly 5 million mortgage holders that are at least 2 months behind on their payments.  The good news behind these numbers, according to RealtyTrac, is that this year is finally expected to be the peak of the crisis.

1 in 45 households received a foreclosure filing last year.  That's a record 2.9MM homes.  And while the last two  months of 2010 slowed down a bit due to the whole "robo-signing" fiasco, the first quarter of this year is expected to have the greatest amount of activity.

With unemployment remaining stubbornly high, credit markets staying with stringent underwriting regulations, and another 5% drop expected in home values expected this year, it's the perfect storm for another year of distressed sales taking a big part of the market.

While the usual suspects (Arizona, Nevada, California, Florida, Michigan) led the charge with nearly half of the country's foreclosures, a few (AZ, FL, CA) actually posted year-over-year decreases.

 

So, what are you going to do about it?

 

We've all seen articles like this for a while now.  The question you should be asking yourself as a real estate professional how are you/have you changed with the market.  Is this the year you finally start making contacts with asset managers?  Will you take an updated short sale class at you local board?  Will you hold a foreclosure seminar for your area?  Are you going to market to homeowners in distress?  Will you finally get your metrics dialed in?

 

I've been in the business since 2003, focused on short sales since 2007, and I'm planning on 2011 BEING THE BEST YEAR I'VE HAD IN REAL ESTATE!!

 

There is no doubt about it in my mind.  It's a foregone conclusion even though we're barely 2 weeks into the new year.  And it feels good.  I plan on helping at least 50 families this year avoid foreclosure.

 

What's your plan?  How have you/will you change with the market?

 

NOW GO SELL A HOUSE!!!...after you leave me a comment ;)

 

 

 

Posted by

*************************************************************************************

Nick Dailey (CDPE) - Short Sale & Investment Specialist - Northern Kentucky & Greater Cincinnati

Helping families in Northern Kentucky avoid foreclosure.  Northern Kentucky MLS listings of homes for sale.  

Website: www.NickDailey.com

Mobile Site: nickd.m.remax-ohio.com

 

View Nick Dailey's profile on LinkedIn

 

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Rainer
68,862
Laura Reilly
Real Living Real Estate Professionals - Redding, CA
Home Sales Realtor - Short Sale Team Member - Redd

Good post, have a plan is great advise. And do it!

Jan 13, 2011 02:18 AM #1
Rainer
256,997
Maria Couto
RE/MAX Premier - Berkeley Heights, NJ
Realtor with "Results That "MOVE" You'

Every year, every month, every week and every day starts out the same for me: Go and Sell. Dosent always work out for me, but so far January 2011 has started well. Nice Post Nick.

Jan 13, 2011 02:19 AM #2
Rainmaker
263,563
Tony Morganti
RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio - Cuyahoga Falls, OH
CRS, ABR, SRES - Cuyahoga Falls, Stow

Hey Nick,

You have a great positive outlook.....which is really necessary to be able to be successful in the real estate market of the past few years.........and who really knows how much longer?  I keep hearing foreclosures are about to peak......but I am sure we will have years and years of short sales ahead of us.

Jan 13, 2011 02:40 AM #3
Rainmaker
279,098
Kim Dean
www.RealFamilyRealEstate.com - McKinney, TX
d + b real estate, McKinney, TX REALTOR Broker/Own

Nick - it definitely sounds like you've picked a successful niche! I think you're right...this year will probably keep bringing you the same kind of success. I took an updated HUD selling class this week and learned a LOT! Have a great 2011!

Jan 13, 2011 03:18 PM #4
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Rainmaker
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Nick Dailey

RE/MAX: Northern Kentucky Real Estate - NKY MLS - Short Sale
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