Things are getting out of hands in our counties with all the foreclosure filings seen today! People just don’t realise how fast the foreclosure rates are accelerating! We can safely predict an increase of 250% to 400% in foreclosure filings from 2008 to the end of 2010.
Yes, the snow ball is rolling down hill and getting bigger along the way, much bigger! As the unemployment numbers are getting worse day after day in this depression, foreclosure filings will probably double every year for at least the next 2 years, based on the unemployment numbers and the potential semi recovery of the banking system.
It may take between 10 to 20 years to experience the piek real estate prices we knew back in 2006-2007. Before prices can go up once more, 3 major conditions have to be met, and I mean all 3 of them: first, the unemployment numbers have to go up. Second, the banking system has to get back on track and start lending again, and last but not least, the excess supply has to meet the demand.
In other words, you probably have more odds winning the local lottery, than seing your home value go up any time soon.