According to Realty Trac Inc., the number of homes taken back by banks jumped 35% in the first quarter of the year compared to last year's. Also, homeowners facing foreclosure rose 16% during the same period; 7% in the last three months of 2009. Rich Sharga, a Real Trac senior VP says, "We're right now on pace to see more than one million bank repossessions this year." This means that banks are wading through the backlog of troubled home loans at a faster pace...
Remember last year our Obama Administration put pressure on banks to modify home loans for troubled borrowers. This pressure, coupled with state enacted foreclosure moratoriums and the banks' issues with the handling of all the problematic loans eased foreclosures, however it's now REVERSING! "We're finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing," says Sharga. "We expect the pace to accelerate as the year goes on."
The states with highest foreclosure rates in the first quarter were:
- NEVADA - 1 in every 33 homes was facing foreclosure
- ARIZONA - 1 in every 49 homes there received a foreclosure related notice
- FLORIDA - 1 in every 57 homes
- CALIFORNIA - 1 in every 62 homes
There is good news, the sooner we get the foreclosures out of the mix (obviously not entirely) the sooner the market will stabilize, however prices WILL RISE!!! So if you are thinking of buying, DO IT NOW while the deals are still a steal!!!
Contact me @
SEE YOU AROUND THE NEIGHBORHOOD!!!
No comments:
Post a Comment