Ominous foreclosure forecast

The number of real estate-owned homes currently facing foreclosure is ‘staggering,’ according to Fitch Ratings, and disposal of distressed properties will depend largely on strategies taken by the Federal Housing Finance Agency during the next two years, National Mortgage News reported Dec. 15. Distressed sales currently make up 25 to 35 percent of total home sales and that number is growing, according to the ratings agency.

Foreclosures account for +/-10% of active listings in the RTP market and roughly the same for closings. I would expect the percentage to increase during 2012, but not to national levels.

Distressed sales currently make up 25 to 35 percent of total home sales and that number is growing, according to the ratings agency.

About TARR Report

S.M.A. Publications was formed in 1997 with a mission of providing real estate information for practitioners within the Research Triangle Park area of North Carolina. The company produces the T.A.R.R. Reports which are published monthly, quarterly and annually, covering all aspects of the residential real estate market. The publisher, Stacey P. Anfindsen, has over 23 years of residential experience in the Triangle market. He is an active real estate appraiser, educator and consultant.
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