Is the foreclosure market going up or down? Inquiring minds want to know, right??

According to RISMEDIA, February 10, 2010

They had a bit of Q&A that answers what inquiring minds want to know.


Q: What’s the outlook for foreclosure activity in 2010?
A: It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted as this issue goes to press, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.

Other questions were were: Will we see a flood of REO's? And, will there be a surge in short sales? Short sales are DEFINITELY not short just FYI in case you didn't know. They are quite time consuming. Sometimes, the bank will accept the offer and then decide that they want to ask for a higher offer. By this time, you may have already invested at least 4 weeks just to even get a response!

I definitely have had my share of short sale experiences. I can't say they are fun, but I will definitely go to bat for my clients!