Where are all these foreclosures we have been hearing about?
Foreclosures have decreased recently. Why? Ever since banks learned of the pending implementation of the administration’s Making Home Affordable modification program, they delayed the initiation of foreclosure proceedings hoping customers might have been eligible for a loan modification. Because of this, foreclosure sales in recent months have been as little as half of what they were before. Banks have now exhausted every available option to qualify customers for modifications and other solutions. The only option left is to foreclose on those who couldn’t be helped.
There is a growing pipeline of foreclosures which are in process. All indications are that there will be a wave of foreclosures hitting the market in the next six months. That will add distressed properties to an already large overhang of inventory. If you want to sell – DO IT NOW!!