The bleakest year in the foreclosure crisis has only just begun.

Steve Babiak
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
15y
One man's "bleak" is another man's "opportunity" - just to put things in perspective.
13 Reply
Brendan J.
Homeowner · Knoxville, TN · Member since 2011 · 207 posts · 73 votes
15y
You've got it Steve.

More REO homes for the Buy & Holders, and more renters for the landlords.

It's a Win / Win. Err, well, maybe a Win / Win / Lose if you know what I mean...
6 Reply
Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Yes, a new high predicted in 2011, followed by even more in 2012. I suspect the big banks will liquidate them over the next 3-4 years rather than dumping immediately. The window of opportunity has remained open far longer than I would have guessed two years ago.
8 Reply
Bienes Raices
Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
15y
I've been reading some things online--that the banks are now reluctant to foreclose on people because of the MERS/title issues. I wonder how much truth there is to that.
0 Reply
Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Originally posted by Bienes Raices:
I've been reading some things online--that the banks are now reluctant to foreclose on people because of the MERS/title issues. I wonder how much truth there is to that.

I think another unspoken reason they are slow to foreclose is that the defaulting home "owners" act as "property managers" for the banks. And they do it for free.

1 Reply
Bryan Hancock
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Instead of crying in your beer about it go out and hustle to raise some money to take advantage of it! This is likely the best opportunity in your lifetime to set yourself up for fantastic wealth going forward!
7 Reply
Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Originally posted by Bryan Hancock:
Instead of crying in your beer about it go out and hustle to raise some money to take advantage of it! This is likely the best opportunity in your lifetime to set yourself up for fantastic wealth going forward!

Crisis and upheaval can bring better opportunity than a gold rush.
2 Reply
Stefan Forsberg
Real Estate Investor · Garland, TX · Member since 2010 · 86 posts · 34 votes
15y
Originally posted by Jon Klaus:

Crisis and upheaval can bring better opportunity than a gold rush.

+1, Now is the time to start stocking up on some nice cash-flowing units..
0 Reply
Ron Nawrocki
Real Estate Investor · Phoenix, AZ · Member since 2009 · 62 posts · 32 votes
15y
REO has 2 definitions:
- for Banks: REO = Real Estate Owned, a Toxic Asset that stops them from borrowing & lending
- for Investors: REO = Real Estate Opportunity !

Our fund is betting a few $million this will be a great year for residential real estate ... especially if Geithner gets what he asks for - the Chinese revaluing the Yuan.

Lesson to Wash DC - be careful what you wish for!
4 Reply
Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
Yep this is my best year ever so far.

The next few years will set me up for life.

If you are a homeowner upside down on a house waiting for the market to recover than in most markets times are bleak.

If you are an investor you will remember this 30 years from now as one of the greatest investing cycles of all time.
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3 Reply
Brandon Kamm
Commercial Real Estate Broker · Memphis, TN · Member since 2010 · 151 posts · 82 votes
15y
Agreed with you all, this will last a couple of years longer than most expected, these years should bring tremendous opportunity for investors
0 Reply
Jeff TumbarelloPro Member
Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
15y
I agree that the National picture should get bleaker due the boom bust timing of local markets just entering the party. Here in SWFL. The data referenced in that article (realtytrac) is only over stated by 300 percent. Trust only what you can prove to you. Vetted Emprical Market data is the answer. Not a companys chum/brocedure. Run with the lemmings or swim with the salmon.They all die tired at least the salmon get to mate.
Here is some work I did on facts versus the chum with realtytrac http://www.youtube.com/watch?v=zM1MmnnzJQc

can anyone vett their local data against realtytracs claims? If so please let me know the results
0 Reply
Bryan Hancock
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
I really love it when I see stories like this because it gets the masses all riled up and fleeing for the hills. Greedy when others are fearful!
0 Reply
Jimmy C.
Flipper/Rehabber · Seminole, FL · Member since 2010 · 859 posts · 316 votes
15y
We just made 17 offers. This is great news!
0 Reply

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