For the U.S. it’s foreboding, frightening and potentially devastating news.
For our team, a glorious opportunity continues.
Here’s what Bloomberg had to say today:
“Lender delays in processing home-loan defaults will push as many as 1 million U.S. foreclosure filings from this year to 2012 or beyond, casting an “ominous shadow” on the housing market, according toRealtyTrac Inc.”
The article goes on to say that, “About 1.17 million homes got a filing, or one out of every 111 households. Procedural delays caused by a probe into bank documentation errors, combined with weak consumer sentiment and a jobless rate above 9 percent, are weighing on a property recovery by adding to a backlog of distressed homes, RealtyTrac said. A clogged foreclosure pipeline may prevent real estate prices from finding a bottom as the housing slump enters its sixth year. If you accept the premise that foreclosures are the black cloud hanging over the market, we’re not going to get price stability and people won’t leave the sidelines until that cloud is cleared away, Nicolas Retsinas, professor of real estate at Harvard Business Schoolin Cambridge, Massachusetts, said in a telephone interview.”
There is an old expression that goes something like this – opportunity only knocks on your door twice but the problem is that you never know if it’s the first knock or the last one.
Now is the time to seize the huge opportunity that exists for Canadians who want to purchase or invest in U.S. real estate.
If you’re not sure, I’m offering free workshops across Canada starting in early August. Keep checking the website as we add dates and locations.