In an interview with Fortune Magazine, Senior Vice President at Realty Trac, Rick Sharga said that the amount of foreclosures in 2011 could top the already estimated 1.2 million foreclosures the market in 2010. Mr. Sharga still sees a possible 5% or more drop in prices as well.
Daryl Jones, an analyst at investment research firm Hedgeye says that with the tightness of underwriting guidelines for prospective borrowers, the increased amount of
down payment the borrowers must put down and the current glut of inventory that we could see another 15% to 30% drop in prices. if this is true this means that home are still today far over priced and that any recovery is further down the road than we thought.
Obviously it is going to take significant job creation to really help us out of this down market and until that happens all we can do is hope that the continued drop in values is minimal.
I am not ok with simply waiting to see what happens in our economy and real estate market. I want to help anyone that wants to be helped. If you have been thinking about walking away from your home, or you are already in the foreclosure process and need help please contact us. We will guide you through the challenges and pit falls that come with walking away.
Here is the link to the information I gave above.