It is estimated there are about 5 million foreclosed homes on the market right now. Real estate agents say they have two major clients right now: those who are desperate to sell to avoid foreclosure, and investors who think they can profit off the bad luck of others.
But buying a foreclosed property is now becoming much more difficult.
“The biggest title insurance companies will no longer insure titles on foreclosed homes,” says Coldwell Banker’s Diana Denton. “So those homes can’t be purchased… which means we’ll have even more inventory on the market, which will drop home values further, and that [means] we are going to be in a worse situation than we are in now.”
Nobody seems to know when we’ll hit bottom or just how deep the rabbit hole will go.
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