How Do Foreclosures in your area effect your ability to sell?
If you are one of many people that have decided to wait for the market to rebound to value of pre- housing market meltdown, it is a good idea to look at the information below. The article gives you insight as to the number of foreclosures nationwide and in NC. It also indicates at the current rate of sale the approximate number of years worth of inventory we have.
Banks are not releasing all of the foreclosures at once. If they at some point decide to do a major release your ability to compete with a ton of foreclosed properties at reduced prices will be EXTREMELY tough. The market isn’t what it was a few years ago however homes are moving when the process is handled properly. Waiting for the major rebound just isn’t a sound decision. We know what the market is today and how to get the housese moved. The future presents a question mark.
If you want or need to move and are on the fence about what to do read this article. I think it may help you determine what you need to do. I worked for a broker once that used to say ” even if they seem unpleasant, all facts are friendly because they help you make pivotal decisions” .
If you have any questions after reading this please feel free to contact me. We can talk about your specific situation. No obligation no strings.
Have a wonderful productive day!
Foreclosure sales are moving so slowly in half the states that at the current pace, it will take more than eight years on average to clear the 2.1 million homes in foreclosure or with seriously delinquent mortgages, new research shows.
That’s about twice as long as a year ago in the states where foreclosures go through courts — before the mortgage industry was upended by last fall’s disclosures that court papers in many foreclosure cases were improperly prepared. Since then, new checks have slowed the process.
The backlogs suggest that the fallout from the nation’s worst housing-market collapse is likely to weigh on real estate prices in many markets for years to come, and on some markets for longer than on others.
In New York and New Jersey, where courts imposed new rules last fall, it would take lenders more than 50 years at their current pace to clear pipelines of homes that are seriously delinquent or already in the foreclosure process, according to LPS Applied Analytics, which collects data on nearly 40 million mortgage loans.
In Connecticut and Maryland, it would take about two decades. In Illinois and Florida, 10 and eight years, respectively.
The process is moving faster in other states, where courts aren’t typically involved. In those, the time to clear foreclosure pipelines — even if no other homes fall into foreclosure — has remained at just under three years, according to LPS.
There are 1.9 million homes in foreclosure or with mortgage payments more than 90 days late in those states.
California’s pipeline would take about three years to clear at the current pace of foreclosure sales, LPS says. In Nevada and Arizona, less than two years. Foreclosures don’t go through courts in those states.
In New York, foreclosure lawyers now must affirm that they reviewed documents and asked lenders to verify their accuracy, too. Since that rule took hold last fall, foreclosure filings have dropped to about 750 a month from 3,500, says Paul Lewis, chief of staff to the state’s chief administrative judge.
In New Jersey, foreclosure activity was curbed after a court requirement that leading companies prove that their foreclosure processes were sound. The companies received clearance in August and September to resume foreclosures.
“This is like having water backed up behind a dam. We hope it’ll be let out easy and not all at once,” says Allan Dechert, president of the New Jersey Association of Realtors.
The longer time frames give borrowers more time to work out their situations, and may support home prices by reducing the supply of distressed properties for sale. But they also delay recoveries because buyers may wait, fearing further price drops when distressed homes do hit the market, says James Sacchio, RealtyTrac CEO.
“It’s a question of whether you rip the Band-Aid off quickly or slowly,” says Herb Blecher, LPS senior vice president
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