Wednesday, February 22, 2006
Real Estate Foreclosures Up?
Recent reports indicate the number of real estate foreclosures nationwide could increase by about 25% this year. This does not mean, of course, that 25% of loans will go into default. Less than 1% of loans nationwide have been going into foreclosure, so that is the number being used as the basis. So, this 1% could increase to about 1.25% of the total in the coming year.
Not to prey on misfortune, but it could be a year to watch for some good opportunities in foreclosures. In order to be most effective buying foreclosures, you will need to be able to buy without contingencies and offer a quick closing to the foreclosing entity (lender).
Due to our strong and diverse economy, I don't anticipate this much of an increase in the Wenatchee real estate market. But, we will watch the trend and see what happens. I'll try to post the foreclosure inventory occasionally.
If you have specific questions about Wenatchee area real estate, or current foreclosure inventory, please contact me:
Posted by Carol at 8:06 PM