Foreclosures Way Up In 2007. A Time For Professional Advice


[tag]Foreclosures[/tag] are up 79 percent!

Now that’s something. And that is exactly how much the foreclosure rate in this country increased by in 2007 from the year before.

The latest figures from RealtyTrac paint an even darker picture for the near future: apparently lots of folks just began falling behind on [tag]mortgage[/tag] payments since November, meaning many many more foreclosures ahead barring some economic miracle.

Not likely that President Bush’s notion of giving tax rebates to most Americans will do much good when it comes to the mortage/housing crisis. For $600 you can just about buy new bathroom fixtures nowadays…maybe?

Four states really stood out in terms of the number of foreclosures–Nevada, Florida, Michigan and California top the list, but take no comfort if you happen to live in Colorado, Ohio, Georgia, Arizona, Illinois or Indiana.

Over the next couple of years, nearly 2 million [tag]subprime[/tag] mortgages will bump up to higher interest rates which will no doubt translate into yet more foreclosures.

If you happen to be one of the lucky few with golden credit and an eye toward buying a chunk of real estate, there will probably be bargains to be had. But, when there is so much pressure, as there is, to unload all those vacant houses, there is also a greater chance of getting caught up in a host of fraudulent practices.

Remember, chaos is the best friend of hucksters.

While there are many advocates of going it alone when buying a house or other piece of real estate to save all sorts of broker fees, it would seem as if this might not be the best of times to do that. This is when a buyer–or a seller for that matter–really needs the advice and wisdom of professionals who have “been there, done that.”

However, this does not mean that you shouldn’t be very careful about the people you may end up doing business with. Just because someone is all warm and fuzzy and greats you with a great big smile and hardy handshake, it doesn’t mean that person is your friend or that he or she is looking out for your own best interests.

If you don’t believe that, just talk to some of the people soon to be homeless.

About Author

Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.


  1. Definitely so. Someone making pleasantries and saying nice words straight to your face is not a hundred percent sure he is real in his actions. It’s advisable that you have some wariness when dealing with someone, sweet talk and great character and all, especially if it’s about real estate. Rather than be sorry for getting duped in the end.

  2. While now may be a great time to buy this is still a caveat emptor world. I can only hope that the Real Estate professionals and all those who are involved in the industry take seriously the responsibility of the representation of their clients well being.

  3. Always the same story. When they make money they are the smartest people on the planet, when they lose it’s always duh, I dudn’t no wut I wuz gettin’ myself into, I wuz dupered.

  4. Now is the time to buy? George no offense but who are you kidding? Banks/Lenders are more stubborn than ever and refuse to take anything less than the balance of the loan. is living proof, search that site…oh they want to make money also so you will need to setup a trial account to get the real picture. You will see that homes initially listed for ridculously low prices (I searched for $10K) actually have a balance in the few hundred thousand, the $10K is the delinquent amount and not the asking price.

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