It’s being reported that there have been major drops in the number of delinquencies and foreclosures. (I won’t take all the credit, but maybe just a little.) For the last 5 quarters delinquencies have been dropping, and the shadow foreclosure inventory has similarly been dropping.
But the good news isn’t nationwide, unfortunately. Five states account for more than half of mortgages currently in foreclosure. So some states are lagging behind the rest of the country by a sizable margin.
But that means good news for savvy short sale investors. As demand increases, you’ll still be able to pick up great deals, if you know where to look (think Florida, New Jersey, and Illinois). So now is not the time to hold back. It’s not the time to play it safe. Get out, make a deal, find the bargain that’s going to jump start your real estate dreams.
And when you find a good deal, remember to share credit with those who helped you. We’re all working together in this Short Sale community and we need to stick together to see this recession to its end.