The majority of the 3.3 million delinquent mortgages will end in foreclosure and that will drive down prices before year-end, CoreLogic analysts said Thursday.
CoreLogic also predicted that the additional inventory of foreclosed homes could double the time to sell from the current 11-month average.
“Given that the tax credit simply pulled demand forward, the distressed share is expected to rise … during the fall, when non-distressed seasonal sales begin to decline,” analysts said.
Source: Reuters News (09/16/2010)
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