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Replies (6)
- Scott Rasmussen, "ScottRasmussen"
- Contributions:4
Great question Guy, here in Seattle I haven't seen that yet, but hopefully it will go down a little further as I'm about to buy a home. :)
- jal74
- Contributions:1077
Bottom? Think 2015. Given the fact that the system appears to be at current max with being able to process about 100,000 foreclosures in a month, this would equate given the current number of homeowners at least 60 days past due (recent studies have shown less than a 15% cure rate for those who hit 60 days past due) and that there are about 6 million mortgages in this situation that it will take nearly 5 years to plough through this inventory.
These will dampen prices until the process can be completed. If the rules of the game change and somehow the process can be accelerated than maybe a bottom could be formed before 2015. I wouldn't hold my breath
Regards
- Simon Mills, "Mills Realty"
- Contributions:1858
I agree with jal74 with the amount of properties as some point in the foreclosure process it is going to be a while before we see a bottom. The question is can the bank delay the process long enough and keep gradually releasing properties to the market or are they going to have to dump a huge inventory all at one time. If the later happens look out as we could see another 25% decline.
- Stephanie Hansson, "Stephanie Hansson"
- Contributions:1
That is really one of the hardest questions to address, since so much depends on the actions of others. Will there be more foreclosures released at one time, or trickled into the system. Then it really is all about where the market is location. In my location, the market is certainly slow, but not down, and it is not rock bottom, for sure. The few foreclosures we have are intergrated into the regular market, and the prices are reflective of the surrounding comps, and condition. I guess in short, you won't know when anything hits bottom, until it starts to rise again.
- Michael Martinez, "mikemartinez"
- Contributions:42
In Greater New Haven CT I think their is still another wave of foreclosures. I believe the areas that will be affected are the lower income ones. In turn I believe their is still a little more decline in home values to come (in these areas). In neighborhoods that have school systems that are performing well I truly believe things are as good as they will ever be for buyers. The prices are at their lowest.
- workabee
- Contributions:1030
Y'all here that? An agent just called the bottom in CT. This is news. I'll alert the media.
Has the Market Reached its bottom?
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- 5.0/5.0
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