Don™t be shocked next week if you hear reports in the media that the foreclosure rate is becoming stagnant or even that the percentage of foreclosures on the market is declining.
Don™t get too excited just yet.
Why I do believe things are beginning to get better. Try to remember that in the past few months and even just a few weeks ago there have been laws past and new programs implemented to help homeowners faced with foreclosure delay the process. Many of these programs are just delaying the foreclosure process to help homeowners get back on their feet, but realistically don™t be surprised if in another month or two we see another surge of foreclosures in our market.
I™m certainly not trying to be too negative, just realistic.
On a positive note, I am seeing many more short sales on the market as compared to last year at this time, when all I saw were foreclosures. Banks are working with homeowners and they are tightening up the way they do business. This is a great sign and in my opinion is another step in the right direction.