Changes in the foreclosure market we foresee for 2010.

Changes in the foreclosure market
we foresee for 2010.
By Rick Sharga
Senior Vice President, RealtyTrac Inc.

Overall, we expect an ample supply of discounted foreclosures to be available in 2010, but pent-up demand and record-low cost of ownership will ensure the best deals will be snatched up quickly by well-prepared bargain hunters. Most local markets won’t experience a double-dip in home prices during the year, but the prime buying conditions in place now may be gone by year’s end.

It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted at the writing of this article, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.

Real Estate Insites

Still a Buyer Market
There is a large inventory of homes available for sale, and sellers are more willing to negotiate their sale prices. But location has never mattered more than in the current market. Credit may be tightened, but lenders are still happy to originate a mortgage loan to households who qualify. And remember: owning a home still provides long-term value – and most buyers today plan to remain in their homes for five or more years. Home buyers can get a great deal right now. Rising commodity prices and construction costs will curtail new home construction deep into next year.
Moral of the story don't be afraid to insult the seller make an offer.
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