Welcome!




Expand Your Education with These Courses from
Becoming a Successful Sales Professional: Skills for Sales Success: Part One.
Time Management: Skills for Sales Success: Part Two.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Accredited Buyer's Representative.
Bundle 2: CIPS Elective Courses (US Version).

Real Estate Experts Say Residential and Commercial Foreclosures Will Continue to Rise

Have a comment on this article? Share on Facebook!

RISMEDIA, July 15, 2009-According to the real estate experts at ForeclosureDeals.com, foreclosed properties will continue to dominate the real estate marketplace in many regions.

Recent reports have been released that support this prediction. For example, in Utah’s Washington County, the region’s foreclosure rate remains higher than the national average. According to a recent report by First American CoreLogic, the region witnessed 3,747 foreclosure filings from June 2008 to May 2009, with an average of 10.27 foreclosures each day.

South Florida is another region that has been hard hit. In the last six months, lenders have filed more than 52,000 foreclosures and it’s expected that by the time the year is over there will be more than 100,000 foreclosures filed in the tri-county area, according to a new report from Condo Vulture, LLC.

This same report elaborated that foreclosure filings are growing at a pace of nearly 2,200 per week, while the number of resale properties on the market in South Florida is falling at around 900 per week.

“Now, while the rising foreclosure rate is bad news for sellers, it’s good news for homebuyers,” James Foxx, Business Analyst at ForeclosureDeals.com says. “The rising foreclosure rate in this country has no doubt given rise to millions of foreclosure homes that are now available for sale at rock-bottom prices. Real estate investors as well as first-time home buyers can now buy properties priced at well below market value.”

Commercial foreclosures are also on the rise. The Dallas Business Journal reports that commercial foreclosures jumped 12 percent in the first seven months of 2009 compared to 2008. In New Jersey, foreclosed commercial properties also continued to soar. When the second quarter of 2009 was compared to 2008, the numbers had tripled.

Nationwide, retail space is the biggest commercial property sector of concern, with more than $31 billion in property considered distressed, according to Real Capital Analytics, a New York-based commercial real estate analysis company.

When seeking a foreclosed property, ForeclosureDeals.com is a good place to start. The easy-to-use Web site offers more than 1.5 million listings, nationwide. They say, “If it’s not a deal, we won’t list it here.”

For more information, visit: www.ForeclosureDeals.com.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Categories: Real Estate News

Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>