From MarketWatch Article:
Gary Kent has more foreclosed properties to sell than ever before during his 23 years in the real estate business.
The San Diego-based realty agent currently represents about 100 homes for sale, 85 of which are foreclosures. A year ago, Kent represented about 20 homes for sale with only a couple of foreclosures among them."I feel sorry for the people who lost their homes, but I'm probably going to have to best year I've ever had," Kent said.
While all those foreclosed homes mean opportunity for Kent, they spell trouble for homeowners in the neighborhoods in which they are located. In addition to the potential for dragging down the values of surrounding homes as lenders try to unload, vacant foreclosures also present an inviting target for vandals and squatters.
"When there are a lot of foreclosures in a neighborhood that will put downward pressure on other homes. The banks will try to get foreclosures off their balance sheet as fast as they can, and they will be aggressive at pricing them," said Celia Chen, director of housing economics at Moody's Economy.com.
Click on the above link to read the rest of the article....the real estate market has changed considerably and probably will get worse before it gets better (it will get better though.....just don't know when).
Scott Dauenhauer, CFP, MSFP, AIF