Reports continue to indicate that a significant number of home sales?33% in fact?can be attributed to foreclosure sales. Why? First and foremost is the reduced price. Foreclosure properties are great for families seeking to purchase a home on a budget or investors seeking to obtain cheap properties for leasing and flipping. Second, mortgage rates at down and buyers are taking advantage of the current buyers? market. Clearly, there are incredible investment opportunities across the country with the foreclosure inventory being so high.
However, how long will foreclosure properties be on the market? For a while if Bank of America has anything to say about it.
Bank of America Increases Foreclosure Notices
Apparently Bank of America will be sending out a ton of foreclosure notices?200% more?in August than in previous months. The drastic increase has many people pondering why the instant surge is occurring. In short, delinquent loans are finally being addressed.
Bank settlement talks, high foreclosure inventories, and questionable foreclosure filings have distracted banks and therefore decreased the speed of foreclosure processing. Banks have been pressured to ensure that customers they send foreclosure notices to are actually delinquent on their payments which slowed down the foreclosure filing process (rightfully so as many homeowners were undergoing foreclosure for homes that were not delinquent).
Furthermore, banks have been struggling to maintain their high foreclosure inventories as many homes are left vacated and become a liability to the lender that owns the property. Finally, the bank settlement talks have definitely distracted the banks as they seek to obtain an end to the seemingly never-ending battle. All of these things have pushed back foreclosure filings that are finally moving forward?at least where Bank of America is concerned.
Investment Opportunities
As a result, the foreclosure inventory is about to increase as lenders obtain more foreclosure properties and will be seeking to sell them as soon as possible. Who benefits? Investors and potential home buyers!
With a new, fresh batch of foreclosure properties entering the market, investors across the country are keeping their eyes peel for great investment opportunities.
Everywhere from South Florida to Washington are actually experiencing an increase in foreclosures despite the reported declining delinquency rate throughout the country, indicating that foreclosure properties will soon hit the market across the entire country.
In the end, the increase in foreclosures provides great investment opportunities for potential homebuyers and investors looking for the next big investment opportunity. Now is the perfect time to buy a home with mortgage rates and home prices remaining incredibly low. Keep your eyes peeled for new foreclosure properties that will soon hit the market!
John E. Miller is a Real Estate Professional who has spent the last 10 years writing for several magazines and online publications. Miller is a regular contributor to Businessinsider.com as well as being the team leader of Content Acquisition and Analysis of new business development for Foreclosure Deals, where he also serves as a real estate agent expert.
Related posts:
- $5 Billion Dollar Foreclosure Settlement
- $8.5 Billion Settlement from Bank of America for RMBS
- Investors are Buying Up Real Estate Across the Country
- Options Available to Avoid Foreclosure
- One-Third of Home Sales are Foreclosures
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