Are foreclosures about to dry up?

**isee** · 02-23-2009, 06:52 AM

I'm hearing anecdotal reports that the foreclosure market (if I can call it that) in the US will slow down and cease altogether in the next year or so. This being in response to Obama's initiatives.

Is there a shred of truth in this?

Jules

tailoredhome.co.uk

**agentsranking** · 02-23-2009, 07:00 PM

Not a chance. Many of the people who have been renegotiating their loans will be in the same situation in two years. They are just prolonging the inevitable if property values don't start increasing. This is going to be a five year problem at least.

**thomas12** · 02-23-2009, 11:35 PM

I too don't think so that foreclosure market will dry as such of now though Obama has left no stone unturned in doing so. Lets wait and watch it.

**MinnesotaPropertiesOnline** · 02-24-2009, 10:36 AM

I agree that there is no sign of any slow down in foreclosures. Over the last three months 60% of the pending sales in the Twin Cities have been lender mediated transactions and I think this trend will continue. The "talking heads" hear say there are many more foreclosures yet to come. Most the Alt-A and Option Arm loans have yet to hit the forelcosure market. I think we have a good 3 years of this left.

**LVrealestateHELP** · 02-27-2009, 04:19 PM

2009 will have a ton of voluntary foreclosures. Where as 2008 was filled with involuntary foreclosures.

People that can afford homes will begin to walk away simply do to the fact that they do not believe the values will ever return.

**whitesidest** · 03-30-2009, 04:29 PM

I believe that the foreclosures will drop back down, but not for a while. They will become more manageable levels when Obamas plan starts working (fingers crossed that his plan works as expected)

**LVrealestateHELP** · 03-31-2009, 10:22 AM

There are a ton of pending properties meaning these REO homes are moving but there are a ton of new ones everyday. I think it is headed in the right direction but we have a ways to go.

**Dalton** · 04-02-2009, 07:40 AM

No.. not necessarily..
for it provides cheap homes and affordale houses to be acquired both with your likes...

it is even more easy to gain and also manage it financially, aside from that there are tons of selections in the market and they offer a solution for average homebuyerrs who are out looking for a home that fits their price range

**prop4everyone** · 04-04-2009, 09:26 PM

There will be 2 new waves of foreclosures coming. The 3 and 5 year
ARMS are going to reset for 2009. Then, we will have more coming for
2010 and 2011. It should die down in 2012 but lets see what's left
after all the destruction. Also, unless the banks and government can
fix this fast, the derivatives markets (674 Trillion) will explode into
default and we'll enter into a depression. Diversify all your assets and
use several different banks for safety.