More Foreclosures on the Horizon?
Andrea Messenger — 01/26/07
Foreclosures were up 42% for 2006 according to one news source. Most markets are seeing a major slow-down in home sales and our shift to a buyer’s market has put some sellers into financial strain - even foreclosure.
I imagine that we will continue to see more price reductions and more foreclosures until the market corrects itself from the irrational price hikes seen in 2005.
Filed in Mortgage News, Real Estate News with 2 comments
Yes the foreclosures are up for 2006. I did hear on one of the cable news networks about 2 weeks ago that there are about 11,000 foreclosures in the West Palm Beach area.
In my humble opinion, homeowners that are facing foreclosure were very poorly educated about the loan programs that they ELECTED to go with.
Also, there are probably second/vacation home buyers that are feeling the pinch. At least in the State of Florida.
Lastly, “amateur” real estate investors that may not understand the finer aspects of finances.
February 2nd, 2007 at 10:37 amAndrea,
Theres lots goin gon in this marketplace:
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