In
searching for homes for sale for an out of state client, I started really
delving into the local foreclosures that seem to be popping up all around me.
Two really big builders in my city are in bankruptcy and their lots and homes
are all in foreclosure. It’s a sad scenario. How will my clients be affected
when the remaining lots in only partially sold out neighborhoods go up for
auction? Likely a budget builder will come in and build out much lower priced
homes, which will bring down the value of the current more upscale homes that
are currently existing.
If you are considering building new construction in a new
home development, consider the possibility of what may happen if your builder
fails to sell out his community and goes bankrupt before the development is
completed.
Dr Housing
Bubble alerted me to a post today at eFinance
Directory about the climbing foreclosures in 77 of the 100 largest
Metro areas. They say,
"According to a new foreclosure survey, increasing
foreclosure activity is not limited to a few hot spots as some previous reports
have indicated. During the third quarter, filings rose in most of the nation’s
largest metropolitan areas. Stockton, Detroit and San Bernardino had the
highest foreclosure rates; Greenville, Baton Rouge and Edinburg had the lowest."
Be sure to take a look to see if your city made the list of
the highest foreclosure rates.
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