This week in Fort Worth is the 2009 Default Servicing Conference. It should be quite interesting. I'm looking forward to gaining more education in the foreclosure selling process and meeting with some of the servicers and banks that need help marketing and selling their Dallas/Fort Worth foreclosure properties.
According to Friday's edition of Investors Business Daily, industry insiders believe that as much as 70% of foreclosed properties nationwide have yet to be listed with real estate agents and brokers. Nationwide, distressed properties accounted for nearly a third of the 5.24 million homes sold in June.
"Adjustable-rate mortgages will trigger the next wave of defaults, which will make the subprime meltdown look like a walk in the park," according to Rick Sharga, with RealtyTrac.
Michael Barr echoed that statement in a meeting with a House committee last week. The Treasury assistant secretary said, "Expect millions of foreclosures ahead" despite loan-modification efforts.
Jeff Frieden, CEO of Real Estate Disposition Corp, the nation's largest residential-auction firm shared in those views. His quote, "we expect 2010 to be a watershed of a year for us as millions more of foreclosures loom. Some have sensed it's the bottom of the market; we feel that's a false sense."
I'll compare these sentiments with those attending the foreclosure conference this week. But if these guys are right, now would be the time to sell if you're sitting on the fence - because I would expect a big wave of foreclosures will put downward pressure on most sales prices in 2010.