By: Dennis Norman
There just seems to be no end in site for the sickening numbers of foreclosures we are seeing take place in the housing market. While, it is hard to argue that foreclosures have helped agents by providing a steady supply of homes that need to be sold, regardless of the price, I think many would agree the positive is greatly outweighed by the damage foreclosures have done to home prices and the market….not to mention all the hundreds of thousands of families who have lost their homes as a result.
BankForeclosureSale.com is predicting that there will be approximately 2.8 million homes in some state of foreclosure in the U.S. by the end of the year. “The increase in foreclosure filings can no longer be attributed solely to the sub-prime mortgage mess,” Simon Campbell, business analyst for BankForeclosuresSale.com says. “There are several contributing factors that include declining home values, rising fuel costs, a weakening economy and sluggish home sales. With all this going on it’s not surprising that many homeowners are no longer able to afford there current mortgages.”
“Our hope is that home sals and home prices will beign to stabilize and we can begin working on the road to recovery,” says Campbell. “There are some very good bargains to be had out there right now and confidence in the market is slowly returning.”
I would agree with Simon Campbell’s comments and hope that we are close to starting down the road to recovery….I’m afraid it’s going to be a long road though…
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