Another Wave of Foreclosures may be on the horizon.

Homebuyers have had a hard time grabbing a bank owned deal home or condo in recent months. One reason is buyers surged in the first two quarters of 2010 because of the $8,000 tax credit offered to first time homebuyers. Though buyer demand is high, however, it’s equally true that inventory has slowed down. A lot of inventory has been bought in the last 12 months, but that still doesn’t account for it all. The truth is, the banks have been holding on to a lot of their REO foreclosure assets, in hopes of stabilizing the housing market and protecting the values of their current and future inventory of homes they will throw on the market. Although many people agree with their strategy, everyone is wondering how long they can continue to trickle homes on the market before they need to start paying back government and taxpayer loans and need to start liquidating those homes. If the timing isn’t seamless, it could potentially create another little dip for home values.

An estimated 7,000,000 loans are in default, and most of them are not receiving loan modifications, resulting in short sales, and unfortunately, many times winding up in foreclosure.

Every market is different and foreclosure density does vary.  Your Home Reach REALTOR will be happy to show you all the current foreclosures as well as give you pre-foreclosure activity data for your neighborhood of interest.  Many programs are available for troubled borrowers but unfortunately, most people aren’t aware of all of the options.

You can also find Foreclosures By Zip Code in San Diego on our website.

David Tal
HomeReach.com
Broker/REALTOR®/President
mobile: (619) 955-7706
efax: (619) 872-2471