Foreclosures Hit Record High, Agents Shift Focus To Short Sales
Foreclosures shatter records
Last year, the number of homes that received foreclosure notices hit 2.8 million, crushing the number of notices from previous years, bringing the total up 21% from 2008 and a heartbreaking 120% from 2007, according to RealtyTrac.com
RealtyTrac CEO James Saccacio noted that “as bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans. After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline.”
Although RealtyTrac’s CEO appears to attempt optimism in one press release that things could have been worse, the Senior Vice President Rick Sharga tells the Wall Street Journal in the video below that it has been a brutal year for foreclosure activity and that there’s “no end in sight.” Sharga noted that “we’re setting new records almost every day,” later stating that “everybody keeps looking for a quick fix to this. There really isn’t one.”
The hardest hit areas
The midwest fared the best with foreclosure rates while the coasts were most hard hit. Florida, California, Arozona and Illinois combined to make up more than 50% of the national total in 2009.
Why agents are shifting focus
Although homeowners are not faring as well as in past years and the number of Realtors are declining, the remaining agents are adjusting to the market- many practicing in areas hard hit by foreclosures have shifted toward focusing on short sales. Some areas are so hard hit that having short sale knowledge is becoming unavoidable.
The good news is that there are a great deal of information sources out there, designations, continuing education for agents to establish a solid foundation for agents. Just today, we announced the addition of short sale expert Melissa Zavala to AG who will focus on sharing her knowledge of the practice to help the agents who are having to adjust to a market with a rising demand for short sale agents.
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This article published on Friday, January 15th, 2010 at 12:00 am | Contact the editor
Topics: News
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- AgentGenius:
#agnow Melissa is a great addition to your site.
if you don't know how to do short sales in my area, central Fl… http://bit.ly/6Bvaw2
- Record Amount Of Foreclosures Forecast For 2010:
[...] Foreclosures Hit Record High, Agents Shift Focus To Short Sales (agentgenius.com) [...]
- AgentGenius:
#agnow [...] Foreclosures Hit Record High, Agents Shift Focus To Short Sales (agentgenius.com) [...] http://bit.ly/6Bvaw2
- HUD and Treasury Vow to Help Stabilize Real Estate Market:
[...] received foreclosure notices hit 2.8 million, up 21% from 2008 and up 120% from 2007 according to RealtyTrac’s recent foreclosure data. Foreclosures are clearly on the rise and various signs point to [...]
- From AgentGenius HUD & Treasury to help foreclosure market? « Anthony Phillips Las Vegas Realtor:
[...] received foreclosure notices hit 2.8 million, up 21% from 2008 and up 120% from 2007 according to RealtyTrac’s recent foreclosure data. Foreclosures are clearly on the rise and various signs point to this [...]
- AgentGenius:
#agnow [...] received foreclosure notices hit 2.8 million, up 21% from 2008 and up 120% from 2007 according to Real… http://bit.ly/6Bvaw2
- Builder Study Reveals Habits of Buyers Over Age 55:
[...] shortage simply because new homes are not being built… it stands to reason that between the historic rise in foreclosures and even shadow inventories that threaten to increase the number of homes on the market, it is [...]
- AgentGenius:
#agnow [...] shortage simply because new homes are not being built… it stands to reason that between the hist… http://bit.ly/6Bvaw2
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Melissa is a great addition to your site.
if you don’t know how to do short sales in my area, central Florida, you are basically out of business. About 85% of the closings are distressed sales!!! And with values down 60%-70% it will be this way for many years. Fortunately for me I’m staring to actually like doing them. I most be sick
Florida, California, Arizona and Illinois make up more than 50% of 2009 foreclosures. http://tr.im/Kupl
RT @jaypapasan: Florida, California, Arizona and Illinois make up more than 50% of 2009 foreclosures. http://tr.im/Kupl
RT @jaypapasan: Florida, California, Arizona and Illinois make up more than 50% of 2009 foreclosures. http://tr.im/Kupl
RT @agentgenius: Foreclosures Hit Record High, Agents Shift Focus To Short Sales http://bit.ly/6ryTT8
RT @agentgenius: Foreclosures Hit Record High, Agents Shift Focus To Short Sales http://bit.ly/6ryTT8
RT @MelissaZavala: RT @agentgenius: Foreclosures Hit Record High, Agents Shift Focus To Short Sales http://bit.ly/6ryTT8