For those who are praying for higher (or at least stable) house prices in the near-term, foreclosure-gate is good news: By stopping the flood of foreclosures onto the market, foreclosure-gate will reduce inventory-for-sale, which will likely act as a temporary positive for house prices. So homeowners may get one more temporary gift at the expense of house buyers.
Of course, when the foreclosure-gate moratorium ends, which it inevitably will, a sudden flood of foreclosures will hit the market, as the banks try to make up for lost time. And when that happens, prices will likely temporarily plunge. So sell while you can.
Read more: http://www.businessinsider.com/and-now-lets-think-about-what-foreclosure-gate-will-do-to-house-prices-2010-10#ixzz129TdquAf
- Las Vegas homeowners dealing with a distressed property sale may have a little more time in their homes.
- Less REO inventory will push more sales in traditional listings and hopefully short sales
- Let's hope the banks continue to work toward streamlining the short sale approval process and don't get bogged down or diverted to the latest priority (aka Crisis)
- I'm not sure we will ever see the "flood of foreclosures" hit the market which would drag prices down further
- Banks have been telling REO listing agents to get ready for the deluge of inventory for the past year
- This moratorium will ultimately delay the already lenghty recovery time of the housing market
- Short sales are not going away any time soon!
My best advice to real estate professionals is to embrace the Distressed Proeprty Market if you haven't already. Get all the quality training you can. Stay on top of the trends and distressed industry news by subscribing to industry leaing blogs like:
Business Insider
Housing Wire
DS News
Calculated Risk Blog
LAS VEGAS REAL ESTATE PROFESSIONALS:
Do you want to learn more about Alternatives to Foreclosures, HAMP/HAFA, Nevada Foreclosure Mediation Program and how to implement an effective short sale system to generate more business?
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This course is approved by the Nevada Real Estate Commission for 7 hours of general continuing education credits CE.5094000-RE. The course is sponsored by Steven Kitnick Seminars.
Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.
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