Flood of Foreclosures on the Way?

Real Estate Sales Representative with Wizards of Waz Real Estate

This article fron CNN news talks about the wave of foreclosures that is expected to hit now that the litigation between the AGs and the major lenders has been settled. As I mnetioned in previous posts, there has been a large number of vacant homes in Maricopa Arizona that have been foreclosed on but not yet put on the market. The infamous "shadow inventory". I had surmised that this was mostly due to the lenders' reluctance to proceed with their disposal until the litigation was over.

It is yet to be seen just how quickly these homes will be placed on the active market but, with summer approaching, it would appear to be a good time nationally for lenders to increase the inventory levels of homes for sale. Of course, in Arizona, we could have used this a few months ago as out inventory levels are at an all time low and it is very difficult to find homes for buyers, at least in Maricopa AZ.

It will depend on the volume of release but I do not predict a large drop in proces as this occurs in Maricopa AZ. It will, however, allow the buyers that have been "waiting in the wings" to finally be able to purchase the home that they have been looking for. We have quite a few seasonal buyers that have left the state but are monitoring the market from afar waiting for more homes to become available.

It will be an interesting summer!


Read the full article here   http://money.cnn.com//2012/04/13/real_estate/foreclosures/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29


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Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ

The vacant homes are out there in many other cities/towns as well.  Waiting for the shoes to drop.

Apr 13, 2012 12:30 AM #1
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

I have heard about this flood forever it seems like, even now it would be good in my area to get more listings on the market.

Apr 13, 2012 12:41 AM #2
John R. Wuertz
Berkshire Hathaway HomeServices, Fox and Roach, Realtors - Mount Laurel Township, NJ

As real estate is truly local, the number of vacant homes and the shadow inventory statistics vary greatly from one area to the next.  In south Jersey, the numbers fluctuate greatly from one town to the next.  The town with the most vacant homes in the state is right next to the town with (believe it or not) NO vacant homes.

Apr 13, 2012 12:42 AM #3
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

thank you very much for the informative and interesting post. I get so much out of the active rain network.

Apr 29, 2012 12:20 PM #4
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