An amazing story broke today in The Wall St. Journal that stated there are currently 320,000 homes backlogged to be foreclosed on that are over a year late in payments. Let's do some quick math and divide by 50, that's 6,400 homes per State. Simple math suggests significant inventory will be coming onto the market in the near future. Now I will be the first to admit that this math is inaccurate, certain parts of the country were hit harder than others.
Be that as it may, California currently at 12% unemployment certainly has its share of homeowners currently in trouble.
This will make for an interesting move forward... clearly bank owned inventory is likely to continue to dominate the marketplace. This suggests home values will remain somewhat static moving forward.
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