Pre foreclosures have increased a whopping 13% over the past month and are set to make noew records during the summer 2007!! If you're in the market to buy a home, I would stop and think about what this information means to you!
New Buyers Beware: The foreclosure market is a multi trillion dollar industry and the feeding frenzi is about to begin! Your home that you're about to pay current fair market vaule for is set for a major declin, maybe even 25% worth of its value is about to vanish...
How do I know this? Because I am a Real Estate Appraiser and a Commodity trader, and real estate is a commodity, and the sell off has only just begun. A correction is the pricing is starting to take place. Many have just started to see the decline and are hoping it will turn around soon, they are turning away lowball offers, these folks are about to eat plenty of dirt.
I run a nmortgage default business: www.a1-appraisers.com and service mortgage defaults or bank owned properties, or REO's in the Ocean County, Atlantic County and Monmouth County areas of New Jersey and have been seeing aa steady increase in new entries to the foresclusure and preforeclosure markets.
Areas doomed to be hit the hardest are most likely to be: low income areas that are NOT section 8. This mean they're not on wellfare, typically blue collar areas (plenty of Joe's Powerwashing trucks in the driveway) and that recently bought their homes within the last 3-4 years between 2003 and 2007.
Many will get caught during the recasting of their loans where the mortgage companies add in all of the deferred money after two years including the deferred interest. Ballooning the mortage from affordable to unaffordable.
Many will lose Jobs or suffer from wage cuts during the coming recession and either have to work two jobs or downsize their homes, meaning sell below market value and lose much money, move out of higher income areas or state into neighboring lower income areas or states.
It's not a theory, inflation has been excellerating since 200, and in a recessions it will skyrocket. Your home will be worth much less then is was today, in the next 3 years it will continue to decline, then it may take another 5-7 years to come back to taday's levels if your lucky.
To sell your pre foreclusre online, visit: www.preforeclosuresbyowner.com or www.pfcbo.com
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