Thanksgiving a Time to Reflect . . . on Foreclosures Too!
Traditionally, Thanksgiving is a time we take to reflect on our lives and what we can do to make the world a better place in which to live. Volunteers go out and serve meals to the hungry, religious and non-profit organizations run campaigns to collect food, clothing, blankets, etc. for the needy, and we spend time with family and friends around the dinner table.
We live in a country where we have the freedom to do almost whatever we want. — including the opportunity to own and invest in real estate. If you have been following RealtyTrac during the year you have witnessed the ebb and flow of foreclosure activity around the country every month of 2006 so far. In fact we have only reported foreclosures through October and the national total has already topped 1 million with two months left to report — way ahead of the 885,000 foreclosures reported for all of 2005.
And the projections are that there will be much more foreclosure activity in 2007 and 2008, especially as the effects of an estimated $1 trillion in “exotic” adjustable-rate mortgages start being felt. The bottom line is: more homeowners — who most likely bought more home than their budgets could really afford the past few years — are dangerously close to being in foreclosure.
As the interest rates on those loans reset to higher levels, some of these homeowners will enter the foreclosure process, leaving them needy for a way out of their financial predicament as their mortgage payment escalates by possibly as much as 50 percent.
As a legitimate real estate investor, professional, or potential home buyer, the next couple of years will present an excellent opportunity to help out these needy homeowners who don’t want a black mark against their credit history, and would like to find a way out with at least some cash in their pockets.
So as we pause to celebrate Thanksgiving, now is a good time to reflect on how we can all help the needy — including needy and distressed homeowners — to live better in the future. RealtyTrac is a prime source of information that can provide you with leads and educate you on how to help these people in a way that is a win-win-win situation for the needy homeowner, for you and the lender who doesn’t want to take the property back in foreclosure.
The staff of RealtyTrac wishes you and your family a Happy Thanksgiving and a happy holiday season.