Friday, August 31, 2012

2009 Home Foreclosure Outlook

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As the retreat continues, home sales are down, unemployment is up, and the silver lining has yet to communicate itself. Across the nation foreclosures are on the rise. According to RealtyTrac there are 1,708,581 foreclosed homes currently on the market and that whole is startling to approximately double by the end of 2009. There are several factors driving this phenomenon. For starters, banks and subprime loans played a big role and as the unemployment rate continues to rise so do the defaults on home loans. Currently the unemployment rate is at 7.5% and will likely growth an additional one one percent by years end. In addition, many of the states with high foreclosure rates are also areas where the Fbi has identified high rates of mortgage fraud.

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The western states such as California, Oregon, Arizona, Nevada, and Idaho are all experiencing large whole of foreclosures. Nevada being hit the hardest with 1 out of every 76 homes being a foreclosed property. California takes second place with 1 out of every 173 homes, According to RealtyTrac.

States in the Great Lakes or north central region of the Us such as Illinois, Michigan, Ohio, and Indiana are also looking high rates of foreclosures. Illinois foremost with over 14,000 foreclosed properties, 1 out of every 363 homes, According to RealtyTrac.

The southeast tip of the nation, Florida and Georgia has highly high rates of foreclosures also.

With approximately 2 million foreclosed homes on the market there is a exact question and the real estate market is not looking like it will improve for several months and maybe not until mid 2010. According to the Nar there is approximately a 10 month contribute of homes on the market and unless the cheaper takes a turn for the better that whole will likely increase.

In desperate times such as these it is foremost to watch for scam artists looking for their next victim. According to the Fbi foreclosure and mortgage fraud is on the rise. Desperate homeowners are trying to save their homes buy turning to what they believe are legitimate agencies willing and able to help them, only to find out later that they have been scammed and are in deeper than before.

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