With the housing market already struggling to recover, RealtyTrac recently reported that an estimated one million foreclosure-related notices that should be filed by lenders this year will be pushed back until next year. Here’s the full article: http://www.realtor.org/RMODaily.nsf/pages/News2011071401?OpenDocument
While this may be good news for homeowners who feel they can get back on their feet and get caught up on their payments, this “shadow inventory” of foreclosed properties wil delay the housing market recovery even further. Given this scenario, RealtyTrac predicts we won’t return to normal foreclosure activity until 2015. Yikes!
The number of homes repossessed by lenders dropped 30% in the first half of this year compared to last, but delays — lenders taking longer to take action against late payers — are stalling the housing recovery.
Is there any good news here? For the economy as a whole, I’d say no. For homeowners who are delinquent, yes. Perhaps they can get caught up on payments and keep their homes. For investors, yes. Foreclosed homes will continue to hit the market and prices will continue to bump along the bottom for at least the next year. So, now is the time to jump, if you have the drive, desire and determination … oh, and the cash …
Onward and upward!