Finally the November foreclosure numbers are in and they make it clear that if you are going to invest in real estate over the next several years you better get really good at foreclosure investing and short sales.
According to foreclosures.com in the first 11 months of 2007 over 1,082,000 homes entered the foreclosrure prcocess nationwide. This is an increase of 93% over the same period in 2006. They also said that over 526,000 ended up back in the hands of the banks. That figure was up 41%
The fact that REO's were 52% less than the foreclosure filings indicates that more people were able to solve their problems. This may have been done through forbearance agreements, loan modifications, out right sales and short sales.
These numbers are staggering and I suspect that they may increase again in 2008. These statistics make foreclosure and short sale investing a most important arrow in your quiver. In the next several years investors that are not versed in foreclosures and short sales will be left behind. Likewise Realtors that are not experts at doing short sales will also be left behind. Now is the time to stay ahead of the curve and keep learning more about foreclosure investing.
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Yours in Success,