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12% of homes (1 in 8) are behind in payments
Real Estate News Overview:
According to the Mortgage Bankers Association, nearly 1 in 8 of the nation’s home mortgage holders (12% of residential mortgages) were behind in their payments in the first quarter — the most since 1972.
Additionally, it may be surprising to know that sub prime loans aren’t the focus of attention right now. It appears as though Prime fixed-rate loans now represent the largest share of new foreclosures.
Experts also estimate that foreclosures will worsen in coming quarters due to rising unemployment.
Real Estate Investor Coach Response:
Whew…. Although it is terrible to hear that so many people are continuing to struggle with their mortgage payments, the thing I would like for you to remember is that “you” (the real estate investor) didn’t put them in this position. It is your job to continue to remain positive and educated in all the ways you can buy these houses (primarily through short sale in this case) because for every house that you can buy through short sale negotiation is one more house that didn’t go through foreclosure, which is a good thing!
Additionally, knowing that the Prime loans are suffering just as much as the Sub Prime Loans is really interesting to me. These all continue to be great opportunities for you to go out and make some really big checks. I hope that you are aggressively targeting Pre-Foreclosure homes to purchase just like I am every day. If you are GREAT! If you are not, then you know that you should be! If you are unsure how to get started investing in Pre-Foreclosures, Foreclosures, Short Sales, etc. then:
and get your copy of “Foreclosure Crisis Into Cash Fortunes” ($19.95 value.)
If I was new in the Biz, this is the first place I would start.
Post your comments on this article below.
To your Real Estate Investing Success,
Brian Evans
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