Pelham, NH (PRWEB) March 12, 2008
Foreclosures - the news is still bleak, there is no end in sight and the market correction is now being projected in years - not months. Also, there may be a new catalyst in the mix that is predicted to further prolong the correction - the election of a new president this year.
ForeclosuresNH.com, the primary source for foreclosure and REO data in the state, is reporting a record number of foreclosure filings in the month of February with 661, an increase of 62% from February 2007 (414) and more than double the January 2008 total of 322. This trend is expected to continue through the end of the year and a majority of these properties will end up back with the banks who financed them. These banks will, in turn, attempt to sell these properties through conventional means at a discount. This will make it increasingly difficult for homeowners to sell their homes for full market value during the spring and summer months.
"The competition for buyers is definitely on the rise between banks and homeowners but the buyers are still in control. This isn't good news for homeowners because banks can short sell properties," says James Kenney, president of ForeclosuresNH.com. "Homeowners are going to be at a selling disadvantage so long as the foreclosure rates remain as high as they have been and property values remain stagnant. These foreclosed properties are not being purchased at auction because there is negative equity - meaning they were either purchased or refinanced when property values were high and now that property values are low, there is no equity or negative equity."
"First time homeowners and investors are finding some excellent deals in the bank owned (REO) market right now," notes James Kenney. "Bank owned homes are at such a discount now, we are actually seeing scenarios where were properties are being purchased at wholesale - a process that you can find out more about on our website."
ForeclosuresNH provides the largest and most detailed and up-to-date foreclosure and REO databases in the state. We give our subscribers a distinct advantage in the NH foreclosure/REO market by providing them with the resources necessary to be successful. We pride ourselves in not only providing accurate foreclosure/REO data but also a support network for our subscribers, regardless of their experience.