1 Million Foreclosures Delayed Until 2012

1 Million Foreclosures Delayed Until 2012

But how does this impact you? A recent report by RealtyTrac stated:

“An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year.” Yes, they said 1 million.

The economic recovery is far from over. “Shadow inventory” is real and, no doubt, growing. If you were hoping for a housing recovery, sorry.

Sellers can expect prices to remain deflated for another three to four years, optimistically. Buyers, we may not be at the bottom yet, but we’re bouncing near it. It remains to be seen for how long. You still need to make your move because interest rates are bound to rise. If they don’t, we’ll never get out of this recession.

“Overall, the number of homes repossessed by lenders in the first half of this year dropped 30 percent compared to the same period in 2010,” the article continued.

I’ve heard these statistics before, that repossessions and new foreclosures hitting the market has decreased. It’s supposed to be good news. Question to ask, however, is why? Appears to be because everyone’s backed up – lenders, loss mitigators, foreclosure attorneys. It’s not that there are fewer troubled mortgages, just that the system is bottlenecked.

According to CBS news, foreclosure notices dropped by 14 percent to a 36-month low. Why is the good news so depressing?

USA Today recently announced that foreclosure notices have fallen to lowest level since 2006. They also reported that 1.2 million homes received a foreclosure notice. Yes, things could always be worse and, apparently only recently, they have been.

USA Today went on to say that “banks have almost 900,000 properties already on their books, so if the ones on the market aren’t selling, there’s little incentive for them to take back more homes that will end up sitting vacant.”

And, finally, the foreclosure process itself continues to lengthen. From April and June, homes took an average of 318 days to go from the first stage of foreclosure to ultimately being repossessed by the lender — that’s up from 298 days in the first three months of the year. Lucky for the people who got to live in their homes free for a year. No, wait, they lost their home..

So, how’s your economy and what are you doing in these tough economic times? Are you struggling? Are you surviving? Better still, are you thriving?

I suppose you’ve heard that more millionaires are made during bad economic times than during good? What’s your plan to succeed?

Although innovation is a must there are other reasons to start a business in a recession as explained in “Top Ten Reasons to Start a Business in a Recession” by Brad Sugars. His list:

1. Everything is cheaper
2. You can hire more and better-qualified people
3. People are looking to change suppliers
4. Ownership equals tax incentives
5. Family and friends don’t want to (or can’t) invest more money into the stock or real estate markets
6. Suppliers are giving better credit
7. You can get good PR by showing you are going against the trend
8. You can buy everything you need at auction
9. You can find great “low money” or “no money” down deals
10. By building your own business, you are setting yourself up to achieve financial independence.

This is his list; I challenge you to create your own. As for me and my household, we’re buying up all the real estate we can. We’re also coaching and training others how to do what we do.

If you want to be a statistic, be a positive one. We plan to come through these times and out on the other side riding high. Whatever your passion, follow it now. These amazing opportunities won’t come along again in our lifetimes.

What’s your plan to success and who’s going to help you?