Reuters is reporting that another wave of foreclosures is about to hit the U.S. housing market. (HT: Zerohedge via BloodhoundBlog) The robo-signing settlement paved the way for lenders to resume foreclosure on many of their delinquent loans.
The Reuters’ article reports:
Although foreclosure starts were 50 percent or more lower than for the same period in 2010, those begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo’s rose 68 percent and Bank of America’s, including BAC Home Loans Servicing, jumped nearly seven-fold — 251 starts versus 37 in the same period in 2011. Bank of America said it does not comment on data provided by other sources. Wells Fargo and Deutsche Bank did not comment.
Market pricing is a function of supply and demand. If a large supply of housing hits the market, pricing will will have to fall to a level that demand picks up.
I wrote just yesterday about the lack of current inventory on the market. It will be interesting to see how this plays out in Contra Costa County.
If you are interested in real estate investing, please feel free to visit our website or our blog to get more information about investing. You can call me at (925) 385-8798 to discuss current investments or future plans for investing.