Millionaires are made in this market. Didnt we say that already..

Today I read another article about the moratoriums being lifted and that the floodgates of foreclosure are about to open up. That there is this ghost REO stable that is ready to be released and everyone is scrambling.

“A total of 135,431 default notices were sent out during the January- to-March period. That was up 80.0 percent from 75,230 for the prior quarter and up 19.0 percent from 113,809 in first quarter 2008, according to MDA DataQuick. Last quarter’s total was an all-time high for any quarter in DataQuick’s statistics, which for defaults go back to 1992. There were 121,673 default notices filed in second quarter.”

Rather than think of the glass as half full think of the opportunities. There are dozens of ways that you can start to invest and pick up property. The question is how and when. Stop talking about it and figure it out.

An interesting tidbit is that the mortgages that are least likely to go into default are in Marin, San Francisco, and San Mateo counties - the historical norm. The probability was highest in Riverside, Merced and San Joaquin counties.  Take a look at the stats below.

Notices of Default (first step in foreclosure process)
houses and condos