The next Wave??

According to expert analysts the next wave of foreclosures will hit late 2010 and early 2011 there are dozens of homes on every block in every area just sitting vacant......
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October 03 2010 - US
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Next wave of foreclosures I believe yes.

Dozens of homes on every block in every area of the US, no.
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October 03 2010
Profile picture for the_country_hick
WOOHOO!!!! Hopefully i will not take a whole lot longer. 

Many buyers are sitting patiently just waiting for prices to normalize. For those who do not know what normalize means here is the definition. Normalized house prices are prices that are completely out of bubble territory back to (or a bit below as the bubble bursts) historic norms. 

What prices were in 1997 are much more relevant than what prices in 2006 were. The 2006 prices were phony and can not be duplicated. When inflation adjusted since 1890 house prices were always around $100k seeing house prices at $125k shows they are still to highly priced.
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October 03 2010
Profile picture for wetdawgs
Dozens of homes on every block sitting vacant?   I suspect this is a gross exageration.

I am aware of one vacant home within 1/4 mile of my suburban home.  I know the owners, and they are on a two year stint out of the country.
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October 03 2010
I closely track the foreclosures in my area, and there are no more now than one year ago, and in fact the market is slow but improving--prices are stabilizing and sales are back to a 'normal' curve.

The better neighborhoods have no vacant homes, and the ones in need of improvement are showing signs of just that.
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October 03 2010
Profile picture for hpvanc
In my subdivision, there is only one vacant house, and only one more for sale that I am aware of.  There are several more that have been on the market on and off, so I'm sure would like to sell, but the market won't meet their price (they may eventually contribute to the situation).  There have only been 4 sales in the past year, so it is a very low turnover area.  However I can drive through some newer subdivisions within 2 mile radius, and I would be willing to wager that their is a 50% vacancy rate and 20-30% of the occupied looking houses for sale. 

I don't think we have more than a dozen houses on most blocks, while my neighborhood looks good, the overall average situation looks pretty dire.
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October 03 2010
Profile picture for Lady Chattel
There is a home in my hood that has been empty for 2.5 years, no sign, no listing no nothing.  We have several sitting empty, and one foreclosure listed for sale.  Some lemmings will come along and buy it cause they will be told that it is a $629K house and what a bargain to buy it NOW for $450K....but it is really should be $375K.......and will likely be next year!
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October 03 2010
There has been some big new stories lately about big banks that have been canceling all foreclosures in many states.  This could drop the numbers for a while until they get these issues sorted out. 
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October 04 2010
Profile picture for the_country_hick
After the foreclosures being stopped now by those bank start to flow it will be a gusher!!! The 2 million foreclosures that do not foreclose will only add to next years supply and drive prices that much lower. <grins loudly thinking about that>
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October 04 2010
Dan,

Do you think the foreclosure wave is still building or are we past the peak? (nation wide)
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October 04 2010
Profile picture for the_country_hick
Look at the links below. I think (and am waiting to buy) that foreclosures are still building. The more the government slows down foreclosures the more pressure those foreclosures will bring with them when they finally hit the market.


Read this about the bad loans resetting

Mortgage reset chart

Next crash!? Does the Infamous Mortgage Reset Chart Matter? 

Crash coming? look here also
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October 04 2010
Profile picture for Dunes....
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October 04 2010
Profile picture for the_country_hick
I agree that the foreclosure wave will be slowed. But once it begins again the mounting pressure from the sheer amount coming will be terrific for buying prices.
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October 04 2010
Profile picture for wfamilyman
If you continue to wait,the only plot of land you buy might be the one they bury you in.Do your homework,make offers that are post bubble,someone might surprise and take your offer.Do not wait until prices come down and rates go up.The clock is ticking,go for it. GOOD LUCK.
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October 04 2010
Profile picture for wfamilyman
After reading my post,what I meant to say was to make a offer based on values before the bubble .
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October 04 2010
 
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