What Will 2011 Real Estate Market Bring? – Irvine Real Estate – Irvine Bank Owned Homes for Sale

by Robert Mack on December 2, 2010

in Buyers, Latest News, Sellers

We are just weeks away of beginning the New Year and my brief conversation with a local Realtor only indicates what we will see in early 2011.  More cash investors.

 

I spoke with a local Realtor here in South Florida, Jeff  who is with Ethree Realty located in Fort Lauderdale. He stated how busy they are with bank-owned properties.  With the announcement of Fannie Mae and Freddie Mac unfreezing the foreclosed homes they had on hold due to the “robo signing” notified Realtors to resume taking offers and closing on bank owned property.  As Jeff stated their office was flooded with calls from people looking to see what bargains could be had.  It certain feels like a great buyers market and for some perhaps it is, but with lender guidelines still being extremely strict, not many average Joe’s can get financing, and if they can the cash investors usually win.  Investors flood to Florida to pick up great bargains and reap the rewards of an overly drenched inventory.

I have been in the mortgage and foreclosure business for over 14 years now and have been through the height of the refinance market and have worked in the foreclosure arena for the past 3 and a half years.  All across America I have heard the stories of families losing their homes, some sad and some just out right abusing the system.  As the market tries to stabilize itself and we come to the end of 2010, we have to ask ourselves if 2011 will be the year things begin to get better. 

As I troll the news and look for articles to review and blog about it seems from Realtors to mortgage experts to even law officials, everyone seems to agree the real estate market is going to take some time to recover.  Foreclosures have certainly slowed due to many loan modification programs being offered by lenders, but you will find this following data shocking!  Over 700,000 Americans who have entered into a loan modification have ultimately been booted out of the government’s Home Affordable Modification Program.  There is an estimated 4 to 5 million homes in foreclosure and possibly more facing foreclosure in the near future.  So how does this paint the outlook for 2011?  Doom and gloom?  

With the freeze lifted by Fannie & Freddie, how will that affect our 2011 Irvine real estate market? Read the article above for more information.

Posted on Irvine Orange County Real Estate Market News

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