Quote:
Originally Posted by Barefootsies
I am sure this comes as a news flash to those in Vegas, Miami, among many other places.
|
While I think a lot of people would like to believe that would remain the case (including me), I do some side work for local Realtors and a Mortgage Broker who have all gotten a strong indication from the banks they work with that something akin to 3MM foreclosed homes are going to flood the market at the end of the year, just around mid-November.
This will drive housing prices down again, and also allow more foreclosures by lenders that have been holding off on forcing new foreclosures, due to the catalog of properties they were already sitting on.
Obviously, your mileage my vary depending on your state/county. However the feeling among the people I work with is that this is a done deal. Hundreds of foreclosure listings are already starting to go out from banks with foreclosure catalogs into the pre-listing post stage of attracting Realty and Mortgage firms to advise clients of auctions, buyers info on how foreclosure sales differ from other transactions and lending opps concerning purchasing foreclosures.