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Nearly 5 million houses and condos, of which the loans are delinquent, will go through foreclosure over the next few years, a new study by John Burns Real Estate Consulting Inc. concludes. This represents more than half of the 7.7 million households now behind on their payments. The situation is worst in Arizona, California, Florida, and Nevada. Burns calculates that there is an inventory equivalent to 27 months of sales in Orlando, 24 months in Miami, and 18 months in Las Vegas. Consulting firm CEO John Burns says there is strong investor demand for these properties, so as long as employment continues to recover and rates remain moderate, these sales won’t have much impact on overall prices. Source: The Wall Street Journal

Nothing new here if you are following the market. We have seen this trend coming for quite some time. Truth is investors and first time buyers are grabbing up the properties faster than the banks can release them.

We experience multiple offers on almost every foreclosure we see. Hopefully buyers who are "on the fence" waiting for the bottom will realize they may have already missed it and get in before rates and prices go back up..