I do a little foreclosure investing on the side. Lately, I can't keep up with it. What was a paltry number of foreclosures per week has grown to over 140 LAST WEEK. That equates to about 500-650 PER MONTH. From conversations with Title agents and mortgage professionals, it appears to be only the tip of the iceberg. All those buyers with 100% mortgages gained through CREATIVE FINANCING may feel a bit of pain when their mortgage company requires more $$$ every month for increased taxes. Coupled with skyrocketing insurance costs, it's a sure recipe for increased foreclosures.
If you want more inforamtion onnhow you can wade into the foreclosure market, please call or email me.
-Rich
FreddieMac Weekly Mortgage Survey:
"Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.18 percent with an average 0.4 point for the week ending December 28, 2006, up from last week when it averaged 6.13 percent. Last year at this time, the 30-year FRM averaged 6.22 percent."
source: www.FreddieMac.com
About Me
- Rich Cornelius
- Born in New York, I retired to the Tampa Bay area at the ripe old age of 18 months, and have been a resident ever since. I attended Embry-Riddle Aeronautical University, received my Bachelors Degree in Aeronautical Science and became an airline pilot with a major carrier. After 5 years in professional aviation, I joined Sand Key Realty, Sales & Rentals. While at Sand Key Realty, I successfully sold more than $10M in residential real estate, including one of the highest sales on record on Clearwater Beach. In June of '07, I joined Coldwell Banker Residential Real Estate in Clearwater so I could better serve family, friends and clients alike and meet all of their real estate needs. In real estate, as in aviation, I do it right the first time because of the trust and responsibility placed in me by my clients. Simply put, it’s all about the details.
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