Foreclosure Freeze: Good News or Bad News?

Foreclosure Freeze: Good News or Bad News?

Home Encounter, an Ybor City Real Estate firm, thinks that the foreclosure freeze will have a great impact on lenders. The freeze will badly affect these lenders. Conventional sellers, on the other hand, may have their hopes up. Since they do not sell foreclosures or short sales, they will definitely benefit from the foreclosure issues in the country.

Because of the foreclosure freeze by major money lenders, Home Encounter further more observed that foreclosure sales in Tampa Bay went down 9.3% on the month of October. All of Tampa Bay foreclosures removed from the market rose up to 25%. Conventional sales, on the other hand, rose up to 9.3%. This was probably due to less buying options for home buyers.

An increase in foreclosure sale was observed in October 2009 until October 2010. Sales went up from 19.6% to 30% as observed by the firm.

Foreclosure inventory was definitely reduced due to the sudden freeze in foreclosures in the past month. This evidently was a bad time for the lenders. This, however, brought light to the conventional home sellers. It gave way for more selling opportunities.

With foreclosure on the halt, there was no other way for the sellers of conventional homes to go but to sell. Due to fewer competitors, conventional sales went up from 48% to 51.7% percent of the whole sales. This was observed in September. In October a 9.3% increase was observed.

With the foreclosure freeze, the prices for conventional sales did not rise up. Even if conventional sales shoot up, the prices went down. In October, prices fell by 2.2% as compared to the previous year. The Overall selling price went down by 7.5%. It looks like conventional sellers are having the time of their lives during this season of foreclosure freeze.

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