1.39% , So Stop Calling Me!

The percentage of loans in some stage of foreclosure as of this past first quarter, the lowest foreclosure-inventory rate since first-quarter 2007

I still get calls from people asking me for foreclosures that they can buy. These are not real estate flipping professionals, these calls are from the general public that decided to go to a seminar.

The seminars are run by professional flippers. And why are they doing seminars? because they know suckers will pay for it.

They are done flipping. It’s basically over (yes, there are deals here and there). Look at a calendar, it’s 2017. The great recession started in 2007. Lots of things have changed. Therefore, stop calling and asking for a foreclosure list!

We are basically at full employment, money is flowing as loose as it can. Real estate values are above 2006 levels. There are only “normal” foreclosures now because of divorce, illness, etc.

Speaking of illnesses, could the new health care proposal make this worse? I’m going to say yes. If 24 million people are off the rolls and they need health care, they will pay for that before their home mortgage.

I call on the real estate community, yes you, NAR and MBA to see this as a future problem and not allow it to happen.

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