Although it may appear that the foreclosure market is slowing down, the number of notices of default speak another story. The overall number of foreclosures across the United States is going to continue growing throughout the end of 2011, and well into 2012.
The notices of default being filed are continuing to increase at a staggering rate. These notices are always the first step in the process of foreclosing on a property. A NOD, as they are commonly referred to, means that a motgagee is at least 90 days late on making their mortgage payment. When a borrower reaches 90+ days behind on their payments, this is grounds for the property to enter the foreclosure process, and is what has been happening across the United States in record numbers.
All these notices of default will most certainly result in many more foreclosures in the future. With the market already full of foreclosures waiting to be processed, you can be sure that the overall number is only going to increase. With many buyers still reluctant, or unable to commit to purchasing a new home, the amount of foreclosures sitting vacant rises everyday. This means that the homes sitting abandoned by their former owners need to be cared for, and kept up to standards. It’s hard enough for the banks to sell foreclosures as it is, when they’re left in terrible condition, it only enhances the problem.
Just last month, the number of NODs had risen by 33%. Although it may not always appear so, now is a great time for people to take advantage of a buyers market. Not only are investors picking up great properties at bargain prices, but the record number of foreclosures offers opportunities in many other areas too. Property preservation companies are thriving in the current environment. With all the vacant properties sitting abandoned, the banks are in constant need for companies to keep the properties in proper shape providing foreclosure cleanup and maintenance services.
Right now, over two million houses are currently sitting over 90 days delinquent, and are being foreclosed on. This number doesn’t even include the other 2.2 million foreclosures that are soon to come. With so many houses being foreclosed on, let’s take a quick look at where the majority are taking place. The state leaders in the rising foreclosure filing rates are Arizona, California, and Nevada. These three are closely followed by Oregon and Washington. Cities within these states are where foreclosures are occurring more frequently. In Los Angeles alone, there are expected to be over 200,000 homes up for foreclosure. With numbers this high, you can see the opportunities presenting themselves.
The rest of the United States has also seen vast increases in foreclosure activity recently and seems to be increasing consistently every day.
With 2012 fast approaching, the number of foreclosures isn’t seeing any sign of slowing down. In fact, the numbers are only increasing with each passing day. Now is the perfect time for people to take advantage of the housing crisis. Not only are potential home buyers and investors reaping the benefits, but property preservation companies performing foreclosure cleanup services are thriving as well. With so many properties sitting vacant, and many more headed that way, the number of foreclosures for 2012 will only increase the amount of opportunities available to all those looking to discover opportunity in a down market.
To learn more about how you can start your own successful property preservation bsuiness, download our free 23–page guide here: “Foreclosure Secrets” 7 simple tips to profit from foreclosures.
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