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Regular Visitor
David4200
Posts: 9
Registered: ‎09-10-2012
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Second wave of foreclosures to hit the market?

I keep reading, and hearing from some agents a second wave of foreclosures are supposed to hit the market soon. Anyone else hear the same, or anything more concrete?

Contributor
KimC
Posts: 16
Registered: ‎11-16-2011
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Re: Second wave of foreclosures to hit the market?

I have heard from some of the hud listing agents that HUD is withholding FHA  foreclosures. We have also heard that they are trying to get the banks to take back this inventory with a payment from HUD. So yes, I believe the government is trying to make their books look better than they actually do.

Visitor
berkeleydiego
Posts: 1
Registered: ‎11-28-2012

Re: Second wave of foreclosures to hit the market?

the second wave of foreclosures has been rumored more than the past 2 years now. Everyone has been waiting for it to hit. But it's appearing like it may not. The banks have started to wise up. Between selling in bulk off the MLS, and embracing short sales over foreclosures, and trickling out the inventory they do have on their books, it appears they may be successful in preventing that second wave. Even if they do release the wave, it seems like demand is there now to absorb it. Consumer sentiment has completely changed, and money from Wall Street and international investors is buying up all the distressed property as soon as it hits the market. All that said, I hope you're right- I want to buy up multiple properties at disount, but with the way prices have begun to rise lately I get the impression the window of opportunity to buy at a discount is closing quickly.

Redfin Agent
willfassinger
Posts: 45
Registered: ‎02-24-2012
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Re: Second wave of foreclosures to hit the market?

<berkeleydiego>  Excellent observations and analysis!  The bulk sales outside of the MLSs, along with banks hiring property managers to rent properties has taken a lot of these foreclosures off the open market to the average consumer.  I would not recommend to anyone to wait or expect an abnormally large influx of foreclosures available for sale anytime in the near future.

WILL FASSINGER | REDFIN | AGENT
will.fassinger@redfin.com | Tel:678-871-9455 | License #:347393