According to the Mortgage Bankers' Association and RealtyTimes, 1 of every 308 housing units nationwide received a foreclosure filing in August '09. At the end of August, there were 1,957,073 foreclosures nationwide, with 358,471 of them new in July. Interestingly, only 33,515 sold in July, so that shadow inventory is becoming a real issue as more and more home sellers find themselves competing with foreclosures. The average sales price nationwide for foreclosures is $202,566.
On a brighter note, Forsyth County is 367th in the nation for foreclosure activity.
Surprisingly, conventional loans are 1 in 3 of new foreclosure filings -- thus the importance of offering Job Loss Protection on your listings!
Finally, a word of caution -- if you are attempting a loan modification with your lender, and they tell you you are not responsible for your payments as they make the decision, make the payments anyway and document them! Some people are being foreclosed on due to lack of payment during this decision period, when the lender is who told them to stop in the first place.
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