Now is the time to invest in American Foreclosures!! Home prices will never be this low again and many are predicting that this is the last wave of foreclosures properties to hit the US housing market. With many homeowners in default the wave has yet to hit but with the banks aggressively moving toward foreclosure we can expect to see many new foreclosure listings coming on the market in the next few months. With the Chinese searching for great real estate opportunities in the US it is the perfect time for them to get aggressive and start the search! Some ”never to be seen again” prices on foreclosure properties will soon be available in the New York, Los Angeles and San Francisco areas!
Americans brace for next foreclosure wave
By Nick Carey
GARFIELD HEIGHTS, Ohio (Reuters) – Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.
But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.
“We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.
Getting through the remaining foreclosures and dealing with the resulting flood of homes on the market in the wake of the bank settlement is a necessary part of the healing process for the U.S. housing market, he added.
According to leading broker dealer Amherst Securities, some 9.5 million homes are still at risk of default and in February it said it expected to see the uptick in foreclosures start to hit in March and April.
There is other evidence that many of the foreclosures that did not happen in 2011 will happen this year.