When will the market recover? I guess that depends on who you talk too, but in my opinion, not soon enough. I found this interesting article on cnbc at http://www.cnbc.com/id/45507581. It states that "the average loan in foreclosure has now been delinquent a record 631 days." That is a long time for a loan to be delinquent.
This article also states that foreclosures are at an all time high at 4.29 percent of all active homes and that new foreclosures are outnumbering foreclosure sales 3:1.
So what does this mean? It means that foreclosures will continue to flood the market for years to come. There is a large shadow inventory building, and, as more delinquent borrowers are allowed to stay in their homes for extended periods of times, other borrowers who are fighting to keep up with the mortgage may decide to take their chances with foreclosure and live in their homes rent free for 2 years or more.
But that news isn't all bad. It could mean great buying opportunities for home buyers and investors. It is also a good time to learn to sell foreclosures as a real estate agent, which I can help with as I have written a course on REO Agent Fundamentals. If your interested in the material, let me know.
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