More Foreclosures in 2010 Mean Opportunities for Bargain Hunters
As housing experts continue to debate when or whether housing will finally turn around for good in 2010, the one thing most agree upon is that foreclosures will continue or even outpace last year. And that will mean more opportunities for bargain hunters.
A full third of home sales in December were of “distressed properties,” so either foreclosure or short sales. The latter is when the bank agrees to allow a troubled borrower to sell the property for less than the value of the mortgage.
“Overall, foreclosures in 2010 will be just as high as we saw in 2009,” says Lawrence Yun, Chief Economist for the National Association of Realtors. “But the key factor is whether the buyers are ready to purchase distressed sale properties, and right now we are seeing that they are.”
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