Quote:
Originally Posted by Red
Way too soon to see foreclosures. It takes banks a better part of a year to foreclose and that's after the mortgage holder is in default for a few months.
The one thing to watch is the inventory and sales. Both are headed in opposite directions and not in a good way. The gap grows daily as sales are not keeping pace.
http://www.creb.com/Seller_Resources...ng_Statistics/
Prices are next. |
It is not too early to be watching foreclosures. Anyone who carrys a high debt load and just lost their job could be extremely quick to be foreclosed on. Not to mention, the last recession had banks showing foreclosures with homeowners still living on site. If there is equity in the property, the homeowner may cooperate with the bank as much as possible. Others may just say to hell with it and move out and notify their bank. These 2 situations drastically speed up te whole process.
With current foreclosures as low and consistent as they have been, it won't take much to see if activity is increasing.