Posted on Thursday, 10.01.2009
A new report claims that the Miami real estate market
as well as the rest of the US will deteriorate as a delayed pipeline of foreclosed loans begins to liquidate.
It says that signs of stabilization in the Miami real estate market
that are being acknowledge as a recovery may soon diminish as the inventory of foreclosures waits to enter the market.
According to the report, the general outlook that Miami real estate market
as well as the rest of the US has bottomed is premature hopefullness.
Amherst estimates that there are approximately seven million housing units, or 135% of a full year of existing home sales, compared with 1.27 million in early 2005.
In explaination, loans continuing to go into delinquency or foreclosure at a rapid pace, but are moving out at a very slow pace.
It said the loans are will liquidate and will impact on the signs of recovery seen in recent months by bringing down home prices through distressed sales.
Despite there efforts the federally-funded HAMP modifications will likely be a disappointment in the long-term.