I just returned from the Coldwell Banker GenBlue Convention in New Orleans. I attended several great courses including the CRS 112: Guiding the Buyer in the Distressed Property Market. This course offered good statistics and facts regarding the distressed property market:
100% of all Real Estate Owned (REO's) will be sold
50% of all owner occupied homes will be sold
Average market price across the U.S. is $200,000.
The Treasury Department predicts that this market will continue for another 10 years.
Currently their are 6 million homes in default or underwater.
30% of sales in 2011 were distressed properties. That is 1 in 3.
Beurau of Census states that 1 in 10 houses are empty.
25% of buyers in the market today are investors.
These statistics can look bleak to some, but to others they represent a great opportunity.
If you are a buyer, foreclosures represent a great buying opportunity.
If you are a real estate agent, listing and selling foreclosures is a great business opportunity.