rate of homes that have reached the point of foreclosure has dipped. That is factually correct. However, the percentages of homeowners who ultimately have defaulted or will default to the lender are not reflected in the current local and national statistics.
There is a backlog of foreclosed properties that has not yet been released by the banks to the resale market. Banks learned plenty about what a deluge of previously foreclosed properties can do to prices through the first few years of this housing crisis. An open spigot with regard to foreclosure inventory pushes down the price of every home on the market. It hurts everyone.
Institutions holding foreclosed homes almost certainly will monitor the release of properties more closely in the months – and perhaps years – to come. Although lenders are holding foreclosed properties longer, they cannot keep them forever.
The housing crisis hasn’t ended, and doesn’t appear destined to end anytime soon. Some analysts suggest that Americans may not be on the other side of the foreclosure tidal wave until 2014.
Click on the following for more details: http://www.nwherald.com/2011/08/01/foreclosures-still-coming/ag2ujb3/
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