Archive for June 13th, 2008

May 2008 saw over 73,000 home foreclosures, almost trebling May 2007’s 28,548.

This hurts everyone. There will always be foreclosures, repos and REOs going on the market, but those extra 45,000 repossessions flood the already swollen inventory with under-priced distress sales. It will be a while before we wring out the casualties and return to any kind of balance between buyers and sellers.

This is the most slanted buyer’s market of my lifetime. The forecast according to some is not good either. I never bought into the doomsayers predictions of double-digit depreciation, but if we are going to get an extra 10,000-40,000 repos added to the inventory each month it looks bad.

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