New Wave of Foreclosures on the Way

Posted by Tim McCrory on Wednesday, November 18th, 2009 at 8:41pm.

In our last blog, I talked about ways we can identify and investigate foreclosures and short sales. Today, I'd like to pass along some numbers from the October 2009 Baldwin County Trend Report. 
Just this month we saw 122 properties fall into foreclosure with an additional 377 Notices of Default. Year to Date 2009, we've seen 1,182 Foreclosures with 3,553 Notices of Default. These numbers represent increases of 19% and 249% respectively from Year End numbers from 2008.
What I find most interesting is the difference in the number of recorded Foreclosures and the actual Notices of Default (2,371).  Just this number alone will double the total of all foreclosures in 2008. If on average 300 new notices of default are being sent each month, we can easily anticipate 3000 new distressed properties to find their way to the Baldwin County Market in the last quarter of 2009 and first quarter of 2010. 
There was a ray of sunshine in the Trend Report as Re-sale numbers for homes, lots and condo's saw an average 7% increase in activity from 2008.  The up trend appears to be continuing as inventory levels in our Multiple Listing Service are on the decline. In October we saw over $42 million in closed condo sales and almost $47 million in Single Family homes sold.
So we are seeing a mixed bag of data showing more foreclosures headed our way while at the same time a suggestion that more property is being sold. There is no question that "BUYERS" are benefitting the most from the struggles in this market and if you are a Seller you have to be prepared to compete with REO's and SHORT SALES.
I'm continually researching Foreclosures and Notices of Default and I'm developing direct relationships with Lenders so I can be the first to uncover new investments opportunities. If you are interested in buying now or in the future please take the time and fill out my "Buyers Survey" and I'll  forward any property matches as soon as they cross my path. 
Next Blog soon- Investing in Real Estate with your IRA.
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