When will that wave of foreclosed homes we heard about hit the market?
When will that surge of foreclosed homes hit the market? Should you wait to buy a home until that happens? We receive these questions often, so today we’re setting the record straight: It’s not going to happen. We were expecting about five million foreclosed homes to hit the market nationwide; however, almost every loan out there has been modified, and there’s still plenty of time for them to be modified over the next year.
That means there likely won’t be a massive surge of foreclosed homes hitting the market because most people are keeping their homes. While that’s disappointing for those hoping for more inventory, it’s great that so many homeowners won’t lose their houses. We anticipated that those folks would sell their homes and use their equity. We would have gained more inventory for buyers and investors if they had, but that’s not the case. So if you’ve been waiting to buy because you were hoping for a wave of properties to hit the market, there’s no reason to delay.
If you have questions about buying a home or real estate in general, call or email us. We would love to help you.