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Foreclosures: Their Impact on Real Estate 2010

April 13, 2010

Steve Harney firmly believes the foreclosure situation will be the main story line in real estate for the rest of 2010. He says there will be other key factors (unemployment, government involvement, interest rates, etc.). However, no issue will have the same impact as the tidal wave of distressed properties about to come to market.
For purposes of his blog he considers distressed properties as those that fit into one of three categories:
1. Real Estate Owned (REOs) by banks currently
2. Houses that are in the process of foreclosure
3. Houses that are 90+ days delinquent on their mortgage payment (the reason we include this category is that recent studies have shown that less than 1% of the borrowers who fall 90 days behind ever catch up. That means that 99% of these homes will turn into distressed properties).

Click on the link to see the amazing graphs to which Steve refers…


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