Foreclosures Have Not Hit Peak
The associated press (AP) released an article today stating that foreclosures have risen 15% in the first half of 2009. Even more striking is that experts don’t expect foreclosure to peak until the middle of 2010!
Data clearly showed that despite the Obama administration’s plan to prevent foreclosures by handing out $50 Billion to the lending industry, foreclosures continue to rise. “Despite all the efforts to date, we clearly heaven’t got a handle on how to address the situation,” stated Rick Sharga, RealtyTrac’s senior vice president of marketing.
I can think of one way to get a handle on the foreclosure epidemic…Have America’s short sale investors take it up a notch and do more deals! Have you ever thought that maybe you have been put here, at this time in history, for a reason? You short sale investors out there are America’s foreclosure rescue squad. And as icing on the cake, when you close short sales, you also make a fortune and achieve your dream of financial freedom. What an amazing opportunity. You get to help in a national crisis and make a ton of money.
In case you were wondering, here is a list of the states with the highest foreclosure rates:
# 1 - Nevada
# 2 - Arizona
# 3 - Florida
# 4 - California
# 5 - Utah
# 6 - Georgia
# 7 - Michigan
# 8 - Illinois
# 9 - Idaho
# 10 - Colorado
In fact, interestingly enough, California, Florida, Arizona and Neveda account for 57% of the nation’s total foreclosures.
If you are an active residential real estate investor and you are NOT doing short sales, especially in one of the states above, don’t delay another minute. Get going. America needs you. Even if you won’t do it for yourself, do it for your country. Hundreds of thousands of people need your help.
Phil,
Great article phil.
What’s the best way to get a hold of new potential short sale sellers before the NOD is filed?
Our Short Sales Step By Step Home Study Course highlights over 15 different ways to have motivated sellers calling you. Getting a hold of people before they hit the NOD list is not actually the best goal to be striving for. The goal is to have motivated sellers contacting you. Just because someone is behind on payments, that doesn’t necessarily mean they want to sell their home. In our Preferred Vendor Network in ePartner we detail providers of the 60 and 90 day late list, which would help if you wanted to reach people before they hit the NOD, but even better is focusing on those who already want to sell their home. We have found it is a better bang for your marketing buck.