OfflineMarket Update
Another housing slump coming?
Analysts say 7 million soon-to-be foreclosed properties have yet to hit the market.
Posted by Elizabeth Strott on Thursday, September 24, 2009 8:59 AM
Any optimists touting a housing recovery might want to pause and think about this: Amherst Securities Group analysts believe the market faces another major hurdle because about 7 million properties that are likely to be seized by lenders have yet to hit the market.
The "huge shadow inventory" reflects mortgages already being foreclosed upon or now delinquent and likely to be and, assuming no other properties are on the market, it would take 1.35 years to sell this inventory based on the current pace of existing-home sales, analyst Laurie Goodman wrote in a note to clients.
In 2005, there were 1.27 million properties in the same situation.
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That is bittersweet isn't it? Good for us but sad for everyone losing their home. Thanks for posting it.
Cathy
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Thanks for the info.
Lea
SPR Property Solutions, LLC
Hello All.
We are working on the residential side. A 40 year veteran commercial Realtor that is our RE clubs director predicts a major Commercial property loss as companies who had to lay-off so many; now are forced to fold up. I have also heard this from some of the top RE companies. This opens it up for those businesses with a good business plan to get started and help turn the economy around. Yes we are still at the bottom!
Debbie and Fred
Family Dream Solutions Inc.
I agree Kathy that its very sad to see people loose their homes especially after loosing their jobs.
And yes its good for the investors who take advantage of the current market, like Dean says, If you dont jump in now you will look back in a few yrs and say wow i missed it. the next few yrs are going to make some of us very comfortable financially when all is said and done.
good luck.