The Dane County Distressed Property Index rose slightly in October to .24, indicating approximately 24% of the home and condos sales in October were related to foreclosure. The chart below shows the index has quadrupled since January of 2006.
On a related note, the Mortgage Bankers Association announced today in its National Delinquency Survey that 14.41% of all loans were either in foreclosure or at least one payment past due at the end of the third quarter 2009. That's a new record.
With a rising number of distressed properties and lower prices, we're seeing a lot of interest from buyers who might not otherwise be in the market. This includes home shoppers, and investors, too. In the last several months we've met multiple buyers who have been saving their cash for the right moment to jump in. And many of them are jumping in right now.
Soon we'll share some stories of different buyers and how they are leveraging the market.
Have a good Friday,
Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com
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