There isn't going to be any large glut of foreclosures coming. From here on out the Metro Detroit real estate market is just going to have small continuous waves of foreclosures. No huge wages just a constant lapping of foreclosures hitting the shores of Metro Detroit.
No don't be scared. And don't wait for those foreclosures to hit. There is not going to be a lot of foreclosures hitting the market.
Even though the banks are not doing a lot of modifications they are reducing the numbers of foreclosures. Then in Michigan some people are buying the homes at sheriff sale, so they are never becoming a foreclosure. Then add the number of short sales that are getting done and that further reduces the possible number of foreclosures coming to the metro Detroit real estate market.
So right now my crystal ball is cloudy. I honestly can't predict the Metro Detroit real estate market because I don't know what the demand for homes will be in the next 6 -12 months. But what I can say is look at all the homes not just the foreclosures. There are deals in all the categories, short sales and private owned.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Hmm, I think a steady slow wave might be ok. We are sorta used to that now. They won't last forever. Especially the way loans are being underwritten these days.
And thank God to that! The other possibility is : loan modification for some people, which also can postpone the Foreclosure as well.
Russ,
Real Estate has been like a game that is being played with the rules change during the game. Even the new guidelines (Treasury Dept. "suggestions") are impacting how Loan Mods.
I agree with you. I wouldn't hold my breath waiting for a "shadow inventory Tsunami".
Steve