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Shadow Inventory Properties May Contribute to Next Wave of Foreclosures in 2010
LOS ANGELES, Jan. 11 /PRNewswire/ — The year 2009 has come to a close and the real estate professionals at Bank Foreclosures Sale are gearing up to continue to provide real estate investors with the most current information on foreclosures in 2010.
While the Obama administration has worked to quell foreclosures, it appears that these efforts may not be enough. High unemployment continues to plague the real estate market and, as a result, according to an article in the New York Times, an estimated 2.4 million foreclosed homes will be added to the list of 2010 foreclosures. This will lead to prices going down even more – another 10 percent or so.
“It appears that we may be seeing a surge of ’shadow inventory’ properties appear on the market,” says Simon Campbell, real estate analyst for Bank Foreclosures Sale. “These are properties that, as of yet, have not been calculated into official inventory numbers. They include homes repossessed by lenders through foreclosures and similar actions and homes where owners are 90 days or more delinquent on payments.”
However, statistics do show that lenders may finally be closer to finding a solution for the home mortgage crisis.
“The question now remains,” says Campbell, “about how fast can they work to stem these potential foreclosures. Until we see a reduction in the number of foreclosures, we cannot get too hopeful about restoring housing industry stability.”
Even with this progress, unemployment remains at a record high. And congressional leaders continue to look for ways that millions of people who have lost their jobs will be able to stay in their homes. For instance, U.S. Rep. Barney Frank (D-Mass.) wants $3 billion to be allocated to such a program to help stem foreclosures.
About Bank Foreclosures Sale:
Bank Foreclosures Sale is a leading foreclosure listing service. It provides real estate investors with a large database of up-to-date foreclosure listings throughout the U.S.; listings are refreshed daily. Cheap foreclosure listings are readily available in all regions.
Bank Foreclosures Sale also offers customer support service via e-mail to real estate investors who navigate its database of foreclosed homes. Over the years, the company has worked to assemble a team of real estate experts with practical experience in the foreclosure industry. They have developed a large network of resources throughout the real estate industry.
For more information, visit: www.BankForeclosuresSale.com .
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This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com
SOURCE Bank Foreclosures Sale
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