Foreclosure: Booming reposessions & flat default notices

Foreclosure news is booming today with the release of RealtyTrac’s latest report. Banks appear to be finally catching up on a supposed backlog of properties and repossessions are booming. The good news is that notices of default, a measure of looming foreclosures, declined 9% from March to April and 2% lower than April 2009.

It’s always darkest before the dawn and my impression is that right now it’s pretty dark. What does this mean to home buyers and sellers in Raleigh?

Foreclosures seem to be peaking right now

Foreclosures seem to be peaking right now

Sellers:  A few more months of an intense buyer’s market while foreclosures peak and banks unload their backlog.

Buyers: Now really is a great time to buy. Many experts predict that prices will bottom out in the 3rd quarter. Between now and the end of the year may prove some great buying power for you.

The federal housing tax credit might be over, but mortgage rates are very low and prices are in line. Top that with a dash of life goes on and we are headed out of the woods!

 

Read:

Foreclosures plateau – finally. Repossessions soar From CNNMoney.com
Borrower Default Notices Decline in April But Banks Pick Up Pace of Liquidation from Mortgage News Daily
Foreclosure activity decreases 9 percent in April from RealtyTrac