Crystal Foreclosures
Is the foreclosure bottom here?
Dust of your crystals balls. With the news today of 112% increase in foreclosures in Q1 over last year does anyone else want to call the bottom? When we look back 10 years from now, I believe Q1/Q2 of 2008 will be the bottom. Agree/Disagree?
From what I have been reading lately, it sounds like the bottom is more likely to come in calendar year 2009, unfortunately. It appears there is a whole wave of non-subprime loans who’s rates reset in 2009, and it sounds like these ARM’s were to buyers who were, while not sub-prime credit risks, were instead the sort of buyers who used ARM’s to stretch into more house than they could afford. With the recession and growing job losses, I suspect that we’ve got a number of months until we hit bottom.
EL PASO Foreclosures, HUD Owned Home for Sale – 1908 CRYSTAL RIDGE #7, 79938
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