MSNBC recently published an article about Mortgage Delinquency Rates Being Up. Every REO office I visit the owners of the company talk about the new “wave” of foreclosures coming soon, this has been predicted for five or six months.
I have heard Countrywide now BofA has 30,000 properties in Southern California with another 15,000 coming in October. They are planning to wait (I don’t know why) and release them together.
What incentive does that give to people to struggle and to pay their mortgage at twice the amount the neighbors house just sold for?
This market is going to bad for at least two more years and the more games banks play with the inventory the longer it will take. If they hold properties back, it is going to pro-long the downturn and cause more foreclosures.
It is a scary, exciting, and ever changing time to be in this business.