The number of mortgage foreclosures can provide insights into the general economy and real estate markets. While this is obviously bad news for some homeowners, this is also good news for real estate investors because those of us who look for below market opportunities need a large pool of potential properties.
But, like unemployment, there appears to be a certain lower limit to foreclosures. In other words, even during good economic times, there is number of mortgage foreclosures that will always remain. What this means is really important to investors: it does not matter whether times are good or bad when it comes to looking for foreclosure investment opportunities.
Let’s take a look at some recent properties in foreclosure.
640,000 US Homes in Some Stage of Mortgage Foreclosure
That’s a big number representing a lot of families that could lose their homes. But this number is actually 34.4% lower than the same time in 2013, and could drop could considerably more. Anand Nallathambi is the President and CEO of CoreLogic. He predicts that, “…the overall foreclosure inventory could trend down to as low as 500,000 homes by year-end, which is very positive news for the housing market.”
So is this good news?
On an individual level, this is good news: fewer people are losing their homes because fewer people are in financial trouble.
But the data also tell us another story about regional differences and regional economies. Five states are responsible for almost half of all foreclosures: Florida, Georgia, California, Missouri, and Texas. In fact, RealtyTrac says that “one in every 469 Florida homes is in some stage of repossession”.
What these mortgage foreclosure findings show us is that, while there are economic improvements across the country, not all regions are sharing in them.
13,280 Canadian Homes in 3 Months Mortgage Arrears
But, like unemployment, there appears to be a certain lower limit to foreclosures. In other words, even during good economic times, there is number of mortgage foreclosures that will always remain. What this means is really important to investors: it does not matter whether times are good or bad when it comes to looking for foreclosure investment opportunities.
Let’s take a look at some recent properties in foreclosure.
640,000 US Homes in Some Stage of Mortgage Foreclosure
That’s a big number representing a lot of families that could lose their homes. But this number is actually 34.4% lower than the same time in 2013, and could drop could considerably more. Anand Nallathambi is the President and CEO of CoreLogic. He predicts that, “…the overall foreclosure inventory could trend down to as low as 500,000 homes by year-end, which is very positive news for the housing market.”
So is this good news?
On an individual level, this is good news: fewer people are losing their homes because fewer people are in financial trouble.
But the data also tell us another story about regional differences and regional economies. Five states are responsible for almost half of all foreclosures: Florida, Georgia, California, Missouri, and Texas. In fact, RealtyTrac says that “one in every 469 Florida homes is in some stage of repossession”.
What these mortgage foreclosure findings show us is that, while there are economic improvements across the country, not all regions are sharing in them.
13,280 Canadian Homes in 3 Months Mortgage Arrears