Business Trends

Summer of foreclosures predicted

In Uncategorized on June 1, 2009 at 4:21 pm

Experts are predicting another national flood of foreclosures this summer, which is largely being attributed to continued job losses, and a growing number of homeowners falling behind on their mortgages.

“There are just so many foreclosure listings on the market right now,” Moises DaSilva, CEO of Brivin Corporation, parent company for ForeclosureDataBank.com, says. “In an area where options were once somewhat limited, the choices are now absolutely amazing for first time home buyers and real estate investors.” According to the Standard & Poors Case-Shiller Home Price Index that was released this month, prices in 20 major metropolitan areas dropped by 18.7 percent in March when compared with the same month a year ago. That was about the same as February and just shy of January’s record plunge of 19 percent.

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