According to RealtyTrac foreclosure activity dropped 27% during the first quarter for 2011. Yet still the media is full of doom and gloom! When will they ever be happy?
Foreclosures reach a 3 year low point and people are still complaining. March even saw a 35% drop in foreclosure fillings from last year alone. It doesn’t matter what side of the fence you are on fewer foreclosures is a great thing. If you own a home it means that the housing market is back on the right track and your equity with it. For real estate investing companies it signals that big profits are ahead for the deals you already own or have under contract. In fact, the only people who have any reason to complain should be the buyers who have sat on the fence too long and haven’t purchased a home yet.
Don’t worry, if your real estate investing business model has been built on buying foreclosures there are still plenty of them out there to jump on, as well as 681,153 new auctions scheduled, default filings and bank repossessions in the last 3 months that offer far more real estate investing opportunities than you can handle.
If you don’t like the real estate investing climate here, try moving to a country where home buyers have to put at least 20% down, mortgage rates are in the double digits and you can’t get away with flipping contracts. The American Dream hasn’t gone anywhere! In fact there has never been a better time to get into real estate investing or buy a home.
Sure, many people have suffered from foreclosures and that is sad. However, we must look forward and should be rejoicing that real estate in the US is now more affordable than any of us will likely see again in our lifetimes.