The N.Y. Times published this article on the growing backlog of foreclosed homes currently in the hands of the major banks and mortgage lenders. Short version: There is a huge backlog of foreclosed property currently bank-owned that has not yet hit the market, and banks keep taking more back. Scary statistic: In the Atlanta market, the estimate is the banks are foreclosing on EIGHT properties for every one they sell. Ouch.
Is the news all bad? What's it mean for little ole Richmond, Virginia? I need to think on this one a while. Meanwhile, like everyone in this business - developers, contractors, home sellers, agents - I am putting my head down and trying to push on through. May the force be with us.
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