February’s Housing and Mortgage Information Shows We’re Still Far From Market Bottom

Banks are willing to deal in short sales now because of increased inventory for repossessed foreclosures. Bankers hate landlording, which is where many of us can come in to get some very good deals.

Short Sales

February’s housing and mortgage information is in and there’s a lot for us to digest.

7 percent of homeowners and mortgages were at least 30 days behind.

39.8 percent of subprime borrowers were at least 30 days behind.  Last year those numbers were 23.7 percent.

But–but– we thought the stimulus package was supposed to help…

Whatever…

Here’s an important point for real estate investing.

There are a lot of banks talking short sales. 

They have the inventories, and as we’ve pointed out before, they want to get rid of those repossessed foreclosures. 

Does that spell opportunity?

But here’s another point.

Real estate has not reached the market bottom as of now.  It may not reach the bottom for some time, regardless of what the talking heads are trying to  lead us to believe.

 

Here’s the evidence.

Mortgage delinquencies in the U.S.

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