With national foreclosure default filings continuing to soar in the five months of 2006, evidence mounts that increasing numbers of U.S. homeowners are struggling to stay current on their monthly mortgage payments.
Now builders are facing a downward market pressure from the rising numbers of foreclosures. As evidenced by the drop in home sales reported by builders, speculators are realizing their “investment” are starting to lose equity as property prices drop, they in turn are forced to lower their asking price.
Add to the problem an increase in mortgage rates and a hit to the budget for gasoline, and home buyers have lost a huge number of their buying power
All these downward real estate market pressures continue to build and as foreclosures start to flood the market, prices will drop even faster.
Consideration points:
1. Foreclosures are adding to supply.
2. Home builders are still adding to supply.
3. Real estate investor psychology has changed, reducing demand.
It is these market conditions that will enable the shrewd real estate investor or first-time home buyer a unique opportunity to obtain real estate...
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