Current numbers show that 17,000,000 homes expected enter the foreclosure list
A break down by the numbers
3,000,000 Homes currently owned by the bank via Foreclosure
4,000,000 Homes currently owned by Fannie Mae Freddie Mac
an additional 10,000,000 homes purchased between 2005-2007 underwater - preparing for strategic default .
= 17,000,000. Grand Total of Homes are headed for foreclosure (or already in foreclosure)
Now Granted Short Sales and Loan Modifications can and will prevent some homes from entering the foreclosure process but remember there are roughly 5,000,000 TOTAL homes sold per year. and current REO inventory suggest a 3 year supply of inventory and that does not include 'traditional" resale and Short sale inventory
If your looking to buy a home now is the best time ever .
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