BluegrassForeclosure.com

RealtyTrac.com raises interesting questions for 2010.

Question 1: What’s the outlook for foreclosure activity in 2010?
It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year.

Question 2: Will we see a flood of REOs?
Investors, home buyers and real estate professionals have all been anxiously awaiting a tidal wave of REOs for the past two years. Instead, inventory levels have remained frustratingly low, even in some of the hardest-hit foreclosure markets. Expect more of the same in 2010.

Question 3: Will there be a surge in Short Sales?
A big frustration for potential foreclosure buyers has been the difficulty in buying a property via short sale. Agents have questioned why banks reject a short sale offer 20 percent below the mortgage amount only to spend tens of thousands of dollars to foreclose on the home and then sell it as an REO at a 50 percent discount.

Question 4: Is now a good time to invest in foreclosures?
What all of this means to foreclosure buyers and investors is that the process will require more diligence, persistence and patience. But there has never been a market with as much — or as varied — inventory to choose from, and the combination of deeply discounted pricing and historically low interest rates make many deals once-in-a-lifetime opportunities.

www.Cincinnati.com is also reporting that the median home price has declined 25% in the Northern Kentucky area from March, 2008.  That marks a decline in the Northern Kentucky market for 28 consecutive months.

If anyone doubts that we are in a market correction and that home values were over inflated, I invite you to comment on a 28 consecutive month decline in prices.

The market shows signs of thawing though, FINALLY!

There was an increase of 21% from the market in February to March, 2009.

Why is this encouraging for the foreclosure investors?  A robust market helps everyone involved.  But most importantly, according to www.Cincinnati.com, the increase in home sales was fueled by first time buyers and the selling of “distressed” (i.e. foreclosed property) by banks and other lending institutions.

In other words, BANKS ARE WILLING TO DEAL.

If you ever thought you should be buying foreclosed property, there is no better time.

RealtyTrac is reporting an increase in the foreclosure filings for March, 2009. A total of 341,180 foreclosures were filed nationwide. That was up 17% from February and 46% increase from March, 2008.

Many mortgage holders proceeded with filing the foreclosures due to a moratorium running out. The filings came, even as government programs and other efforts are still being explored to help keep people in their homes.

Nevada and Arizona led the nation again in foreclosure filings. Kentucky certainly has its share, with an increase in filings seen.