Some analysts say 2010 could be the peak year for foreclosures, with job loss, resetting loans and failed modifications all playing a role.
With the new year fast approaching, 2010 will be when many homes now in default on their mortgages wind up at auction.
This week, there were more than 300 properties in Huntington Beach in preforeclosure, according to ForeclosureRadar.com.
Here’s how they break down by ZIP:
92646: 100
92647: 77
92648: 110
92649: 51
The big picture: The Mortgage Bankers Association says there are 7 million home loans in default nationwide, contributing to what some refer to as a “shadow inventory” of foreclosures.
With repos spreading and continuing to destabilize home sales, “We have a long journey ahead until we see a healthy real estate market,” Pete Flint, CEO of Trulia, told us at a news conference this week.
A survey commissoned by Trulia and RealtyTrac, an online foreclosure Web site, found that more people are leery of purchasing a foreclosed home at auction than in the past, citing fears about hidden costs and other risks.
But three groups — investors, renters and move-up homebuyers — are more inclined to buy foreclosures. You can read more on that HERE.