During the first half of the year, foreclosure filings have dramatically decreased compared to recent years. We have seen the bottom of the housing market finally! Well this is not actually the case. Due to the ever increasing amounts of “shadow inventory”, foreclosures that have not yet been processed and placed into the market, we are seeing massive drops in foreclosure reporting. According to James Saccacio CEO of RealtyTrac, “[That’s what is] pushing foreclosures further and further out — we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later,” Saccacio said. As a result, it will only prolong the housing slump, he said. The effects of this delay is great, and we will continue to see the downward pressure on the prices of homes, as long as there are considerable amounts of foreclosures on the market.
To read the entire article click here or go here http://money.cnn.com/2011/07/14/real_estate/housing_market_foreclosures/index.htm?hpt=hp_t2
Cary Daniel Blumenfeld
Harry Norman, Realtors
Buckhead North Office