According to the Wall Street Journal the supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S.
Mortgage analysts at Barclays Capital in New York estimated that banks and mortgage investors held a total of 645,800 foreclosed homes in January, up 4.6% from 617,286 a month earlier.
The question in everyone's minds is how long will this last? The answer to this can only be got if one is able to accurately predict the jobs scenario; what the unemployment numbers will be, how many jobs will be added to the economy, etc.
PrivoCorp - the fastest processor of home loans in the state - have seen a lot of purchases recently, quite a few of which are purchases of foreclosed homes (which is a good sign of sorts).
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