Foreclosures Reach All-Time High in the 3rd Quarter of 2009 according to RealtyTrac.com. Real estate owned (REO - Bank Owned) sales rose 21% from the second quarter to the third quarter, which mirrors increases in defaults and scheduled auctions in the first quarters of 2009 said James Saccacio, the chief executive officer of RealtyTrac.
What does this mean for you as a Real Estate Agent?
The current stats coming out of the 3rd quarter signifies that the Real estate market will probably see another wave of foreclosure and property value declines in the coming 12 months.
Right now, most transactions taking place are being financed through FHA which is under massive scrutiny and claims that they may need a bailout. Money is already tight and loans are more difficult to close than ever. If FHA dries up, where are your buyers going to get financed? What are you going to tell your sellers when you can't sell their homes?
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