Just a note on Foreclosures!

Well folks........many people ask me every day what is going on in the real estate industry and of course, I am suppose to know as I am an expert in my field.....so here goes.

We have had a remarkable year for that terrible real estate disease called "Foreclosures" and I, like you are really sick and tired of hearing about this culprit every day of our lives..........In any case, there is some good news, as I believe that with the help of Lenders' throughout the country, coupled with the Feds, the foreclosure market has slowed down. The Feds have forced the Lenders to not be so hasty and go for the throat of the Consumer or Mortgage holder, by agreement of short sales, and loan workout or recon-structure programs,.......... and this has helped curtail the inevitable foreclosure..........simply by slowing them down some, the economy has a little better chance of recovery. However, this day will end, and when it does, you will see a gluten of foreclosures start flowing rapidly until they are slowed again. I read an interesting article the other day that this foreclosure market has now hit the upper end homes and is escalating quickly........that means you will see a lot more homes over $500k and up going upside down, and million dollar homes could be purchased for less than 50 cents on the dollar........a great deal for the consumer, and not so great for the Lender's.

In time, all of this will go away, our economy will recover with a vengeance. Our Real Estate market will bounce back well but not without hurt and agony for many people. This is something we are all going to have to go through as in the long run, our country will eventually be stronger as a payback for all the pain we have had to endure! How long? Who really knows!  the experts say we are already on a up hill climb, but we will not realize a major showing of difference until late 2011. I believe this is a good theory, and only time will tell!  Have a great 2nd part of 2009!  Lee Moore Sr.