[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.