According to a recent Dow Jones report, Credit Suisse estimates that the United States could see foreclosures hit 1.69 million in 2008, with an additional 1.14 million foreclosures expected for 2009.
That's 2.83 million foreclosures.
When we add the 1.29 million foreclosures from 2007 into the mix, we arrive at a grand total of 4.12 million foreclosures nationwide over a three-year period.
Zillow.com estimates that foreclosures make up about 30% of the current housing for sale nationwide. Closer to home, as much as 72% of Stockton's market may be foreclosures.
These high foreclosure numbers are having a real effect on housing markets across the country. With so many foreclosures coming on the market, this trend is depressing property values. The trend has even started hurting home builders, who are now finding prices for their newly built housing units affected by foreclosures right in their new developments.
70% - wow - - that has got to be an amazingly tough market to try selling into.
That rate of 70% seems high.. are you saying that 70% of the active listing / home for sales in you area are Foreclosures. What are the days on market for your area.
Numbers do seem high. I would be interested to see these stats compared to home sales over the same period to show how many people are still home owners. These numbers are also very general, and cant apply to local market trends which is what every consumer and Realtor should really be looking at.
However it should be another signal to investors this is a great opportunity to take advantage of. One more reason to contact a local Realtor to determine the trends in your market area.