What does it mean? Well, aside from more homeowners displaced . . . which is very sad . . . and more opportunities for buyers who are looking for distressed properties . . . good for them . . . it is more of a 'timing' issue with the large institutional lenders than anything else. It's a combination of that 'shadow' inventory you've been reading about and the upcoming holiday moratorium on foreclosures.
Yes, there are still a lot of folks who are having trouble meeting their mortgage obligations, for sure. Bad things sometimes happen to good people, so there will always be foreclosures. Read what the experts have to say about the recent spike. Big Spike Shows Foreclosure Crisis Isn't Over -
In October, foreclosures posted the biggest monthly gains since the peak of the crisis in 2010, but find out why housing analysts aren't... [Nar Daily News Magazine]
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All information is believed to be reliable, but is not guaranteed and should be independently verified with a real estate professional. CENTURY 21 Lakeside Realty Is a member of the National Association of REALTORS® Equal Housing Opportunity.