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Goldilocks and the Three Bears: Here We Go Again “The New Normal: Foreclosures Not Abating Until 2013

After reviewing the recent numbers for 2009 published by RealtyTrac, nothing is “just right” and won’t be for some time. With foreclosures on the rise in 2009, the new “three bears” to hit the market have nearly doubled the number of foreclosures this year, and the trend will not be ending anytime soon.

The highest growth in the foreclosure market has been a result of three types of foreclosures; (1) delayed sub-prime foreclosures from 2008; (2) higher default rates on Option ARM loans, and (3) a significant rise in unemployment related foreclosures. With numbers indicating that 1 out of every 6-10 unemployed will face foreclosure, Goldilocks better find somewhere else to take a nap because there won’t be many family-owned homes left when the dust settles.

The “new normal” appears to be a staggering number of foreclosures, and is not expected to return to pre-recession figures until 2013. Foreclosures are expected to rise the rest of the year, and peak throughout 2010 and 2011. In Florida, we can expect to have about 40-50% of the foreclosures in the country, and half of these will be in South Florida. At this rate, Goldilocks will be old enough to buy her own house by the time the market rebounds.

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This entry was posted on Friday, October 23rd, 2009 at 7:38 am and is filed under Florida foreclosures, Florida real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Alfredo Babler
Alfredo Babler

Sad ending for Goldilocks. mmm, mmm, mmm - I just read that the price of gold has doubled in one year, not because of the inherent rising of the gold itself as a commodity, but rather because of the devaluation of the fiat currency printed-paper now worthless US $. I heard someone mention a "quadrillion dollars" as a bona-fide quantifier of the amount of US foreign "dent" orchestrated from the beginning by a handful of foreign elite-royal bankers that control the global "central banks" pyramid scheme. These players are wicked and recalcitrant, like a horse of the apocalypse or something. WTF?

Lisa
Lisa

Dear Mr. Oppenheim and staff, I thank you very much for the work you are doing to try and help those of us who have been affected by this foreclosure crisis. Please do not give up on us, no matter how bad the banks, courts and government treat us! You will be rewarded for your compassion. God bless you! Keep up the fight for the people who have been taken advantage of and may lose their homes. We are not just a statistic. We are hard working families with children who overwhelmingly got into this situation NOT because of irresponsibility, as the banks would say, but because of being deceived by the greedy banks or because of uncontrollable circumstances such as job loss, illness and other situations that have made our life savings dwindle and have added to the inability to keep up with our mortgages.

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