Foreclosures, Foreclosures Where Art Thou
Date Posted:
Wednesday, March 3 2010 4:22 PM
This week is the International Re/Max Conference in Orlando Florida and the Re/Max Chairman and co-founder Dave Liniger stated "the tsunami of foreclosures is coming."
What else are "they" saying:
5 million foreclosures have taken place across America
3 million homes received foreclosure notices in 2009
15 million more foreclosures are forecasted in the US housing market
Double digit unemployment is creating even more foreclosures
1 in 4 foreclosures are result of home owners throwing up their arms and walking away
$64 billion in options ARM's/Alt-A loans are due to reset in 2010 and $68 billion in 2011
Bank of America is taking back 29,000 to 35,000 properties per month (expect this # to increase in 2010)
Obama loan modification program is a failure - The default rate on loan modifications is around 60% and rising
The average home price will fall by about 6% by September 2011
This so called looming "shadow inventory" has everyone on edge in the market and agents, lenders, home buyers, home sellers, investors and many real estate industry experts are asking where are the foreclosures and when will they hit the market. While no one is certain, I fully expect to see a huge increase in inventory over the next 60 days here in the Twin Cities. As of today there are 4190 foreclosure listings on the Minnesota MLS. See all the Twin Cities Foreclosure Listings
Comments
Right on!
Posted by First Time Home Buyers MNMar 4, 2010 12:00 AM CSTI also foresee more REO listings coming soon. Working with buyers, I actually welcome some more inventory so that we stop running into so many multiple offer situations! Thanks for posting this Kevin.