The Hidden Foreclosures

[JJ_BPK]

I pulled this out of the Mijamy Heraldo for my kids. They are thinking it may be an opportunity to pick up something on the Beach.. Not sure I agree, but who's going to listen to a FOG???

There is a link to a map that has other areas of the country that may be useful to you..

On the one hand, it's nice to see the banks help prop up the market by hiding bad loans..

On the other,, the bank shareholders are not going to be happy when they finally disclose the hidden assets to the public.

And South Florida, with some 200,000 homes either already owned by lenders or headed for foreclosure, has one of the nation’s largest collections of unseen inventory. The number of shadow homes dwarfs the 30,000 or so that are listed on the active market. Even as prices have shown signs of stability this year, an impending wave of foreclosures threatens to keep real estate values deflated in South Florida and across the country.

Read more: http://www.miamiherald.com/2011/10/1...#ixzz1b2UisY4j

I think what they are saying is that only 13% of the inventory is on the market and 87% is hidden....

Be careful..

[Pete]

..........just after dark. Look for the dark homes without power.

or

.........the morning of trash day - not lawn clippings day.

Both give a fairly good idea of vacant properties in a neighborhood.

People make trash and use electricity. Bank owned homes with lawn service will put the clippings out like everybody else. Those without look like crap.

Beware of condos and town homes in a high foreclosure area. HOA votes are based on units. Get a few multi unit owners and they can run the place as income property - driving down unit value - what do they care they are making money renting units - and they can snap up the units now selling low.

[Dusty]

Snap 'em up before they're bulldozed.

[1stindoor]

Thanks for that, besides being a good article the map link was really helpful. It showed Cumberland County here in NC at 64 months!