How many Foreclosures are Really on the Market?
There is no authoritative estimate of total foreclosures on today's market. While no one can say for sure, the number seems to be somewhere between 500,000 and 1 million.
To date, no one has been able to track the total number of properties owned by banks, the U.S. Department of Housing and Urban Development, and mortgage investors. Here are a few approximations:
• Barclays Capital uses foreclosure data from mortgage securities to estimate that there are slightly more than 600,000 homes in the process of foreclosure.
• RealtyTrac, which examines public records, estimates the number is closer to 700,000.
• Independent housing economist Tom Lawler combines data from Fannie Mae, Freddie Mac, the Federal Housing Administration, Federal Deposit Insurance Corp. and securitization trusts to conclude that there are actually about 500,000.
Source: The Wall Street Journal, James R. Hagerty (03/19/2010)
If you are interested in finding a bank-owned property to purchase in the Daytona Beach area, give me a call or send an email. There are some great bargains available.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
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