If you want a crystal ball so that you can look into the future…discovering what will happen next in your real estate market…this new report (and video) is it.
Bottom line our foreclosure ‘crisis’ is getting worse…much worse.
Talking points from the video:
* How bad is the foreclosure problem? “Setting new records daily….120% increase over 2 years ago”. getting worse.
* Sand states, Nevada, Arizona, Florida, California and Michigan and Ohio are the much worse.
* For example: Nevada..Vegas…10% of housing inventory in foreclosure. 1/10 of people you meet have a home in foreclosure.
* Nationally foreclosures are increasing….no signs of any notable improvement.
* How much longer will this crisis last?”There are 3 waves to the foreclosure crisis..we are in wave 2.”
* Wave 1 was casued by overvalued housing..bad lending….2nd wave..unemployeement….3rd wave..option arms…upside down sellers.
* Loan modifications don’t seem to be making any real impact on the problem….kicking the can down the road. So far, govenment programs not doing anything significant.
* 2010 forecast: The next wave of the foreclosure crisis will only worsen the housing markets. The new wild card is what will happen to all the homeowners who are desperately upside down in their homes and make the financial decision to let the home go….in other words, ridding themselves of their own toxic assets.
Related posts:
- Should You Choose a Short Sale Over a Foreclosure?
- Should I buy a Fresno Short Sale or the Fresno Foreclosure?
- Good news for Fresno Homeowners Behind on Their Mortgage: Feds Incentivize Short Sales
- Are We At The Bottom In Real Estate..Will 2010 Be The Year Of Recovery?(Videos) Fresno, CA
- Are Home Prices on Shaky Ground? CNBC Video
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