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IS IT POSSIBLE - THE FORECLOSURE CRISIS IS COMING TO AN END?

By
Real Estate Agent with Dalton Wade Real Estate Group SL617968

                                              Foreclosure sign

 

                                       House

 

 

With the worst Real estate market in 75yrs, we have become accoustomed to bank foreclosures and short sales as the norm  However, Real Estate being cyclical, we just might be exiting this cycle of massive foreclosures and entering a more "normal" real estate market in the near future. 

Foreclosures have decresed by 8.4% or - 130,000 in 2011 according the research by CoreLogic.  The pace at which properties are entering foreclosue is slowing and the banks stepped up their rate at which they were able process distressed assets.

Lenders are being much more cautious who they lend to putting even qualified buyers through a string of hoops before they will approve a mortgage. They are also being more cautious to jump the gun and foreclose on a homeowner in trouble since they got in trouble with the robo signing.

Banks also are doing more loan modifications to prevent foreclosures. And when a home does land in foreclosure, banks are trying to process them faster or trying to encourage a short sale.

So if you are a buyer looking for a home, the time is now to get these deals because they WILL not last forever.  We will return to a normal real estate market and you will long for the days when you could have found a home for these low prices.

 

 

Posted by

Carri Schoeller ABR, SRES, e-PRO

Dalton Wade Real Estate Group

407-492-8559

schoeller.daltonwade.com