A few different  sources have informed me that we are about to get a significant increase of foreclosure properties. What is being said is that the initiative President Obama put into effect to keep family's in there homes and them from being foreclosed on 5 years ago is about to expire and its time to pay the piper.
Is there any truth to this and can anyone shed more light on this subject?
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  • I'm in Ohio

  • I too would like to know. Most Homeowners are struggling as it is, not again. Bad for Homeowner, good for the Realtors. I do feel sorry for them. 

  • I am in Illinois and do not see this yet have been listing reos since 99 and it really slowed down for me alot of the banks were bought out by other banks and servier

  • Every morning I monitor my local market and read the headline news about our industry. Every day I speak with buyers and sellers. The conversations are eerily familiar to 2006/2007. In my neck of the woods home prices are getting out of reach of a larger and larger segment of the population. Rent rates are sapping the income of would be buyers and job growth is great if you want to work at a motel, retail, etc. Appreciation has hit 20+% Y.O.Y. in some towns/neighborhoods around me and has been in double digit territory for at least 2 years. In my neighborhood about 25% of the homes are investor owned. Ultra cheap money seems to keep the machine moving forward. It is certainly helping our paychecks today but too much too fast in my opinion and much too familiar. 

  • I've gotten an up tick not an explosion though. 

  • I have been in the REO industry for 20 years, 10 years as an agent (in the olden days) and the other years as an asset manager.  What designations do you recommend?  

  • NJ had increase due to delayed FC so that's not new here. Darryl, Does your Contact handle NJ? I would love break in to new AMCs

  • I'm in CA and I've seen my REO triple in the past 120 days, and I have always had a pretty nice inventory. My team and I agree that it feels like 2007 all over again, and other agents in my 250 mile radius express the same.  REO for us is ramping up again.

  • Hi Juli,

    My asset manager from 2001 is a close friend and she handles all CA for a well known Bank. They are in Menomonee Falls, Wisconsin(without disclosing any info), they have 40% increase in pre-forclosure defaults and are anticipating a huge spike in reversions and NOD in the near future....

  • Curious about your sources. Without giving away anything confidential, are they lenders, asset managers?

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