We've all heard threats (or promises, depending on your viewpoint) of a massive inventory of foreclosed properties that was supposed to hit the market. But it hasn't shown up, leading many to wonder: Where is our foreclosure tsunami?
Ladies and gentleman, the good (bad?) news is that it is probably not going to come. And there are a couple of reasons why note. First, many homeowners have taken advantage of loan modification programs, thus saving their homes from foreclosure. Secondly, banks, with the help of programs like Coldwell Banker's short sale program, are getting a little bit better about making short sales happen. Finally, many investors are taking advantage of the market and are buying up distressed properties in bulk.
So if you've been waiting for the right time to take advantage of the glut of foreclosures, that time has come.
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