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Experts predict record quarter for foreclosures

January 4, 2011 - Buyers making moving plans in the next few months should have a high number of discounted properties to choose from by the end of this year's first quarter.

Experts told NPR that the effects of seasonal increases in foreclosure activity combined with a backlog of distressed homes from last year will serve to push foreclosures to a record high during the beginning of 2011. Last fall, many lenders had to put the brakes on their foreclosure sales because nationwide controversies questioned the integrity of important documents. Now that banks have completed their reviews and restarted their foreclosure procedures, a new wave of discounted homes should hit the market.

"I'd be really, really surprised if we didn't see a probably record quarter in the first quarter of this year," RealtyTrac's Rick Sharga told the source. "We always have a seasonal uptick in the first quarter and I think it will be accelerated because of delays that the servicers will be making up for in the first couple months."

The National Association of Realtors' Lawrence Yun added that the influx won't come as a surprise, and real estate agents are bracing themselves for a wave of newly available properties.

Those planning relocations might consider checking out the distressed homes for their considerable discounts. The Massachusetts Institute of Technology reported last year that those homes generally sold for 27 percent less than standard homes.
 

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