Foreclosed Homes Continue to Dominate Real Estate Market
By Steve Roake, Make Moving Easy!
(Freedom Group Global)
Yesterday, a report on the status of Obama mortgage-aid program stated that 1/2 of the people receiving government sponsored mortgage relief have dropped out of the program. More than 2.3 million homes have been repossessed since 2007. 2010 is on pace for almost 1 million more foreclosures. Mark Zandi, chief economist at Moody's Analytics, expects up to 1.5 million foreclosures and short sales in 2011. This will continue to put downward pressure on home prices with another 5% in losses expected by spring 2011. In Plainfield, Illinois, 359 of 1352 homes for sale as of 8/24/10 were catagorized as short sale, preforeclosure or REO homes. This represents 26.6% of the market. Further, buyers continue to take advantage of below market as evidenced by 40% of sales in the past month wer...
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