Foreclosure numbers may be worse than what's being reported (foreclosed, agents, realty)

[HappyTexan]

Found this article that talks about banks holding on to foreclosed homes which means inventory is worse than what's reported.

Flood of foreclosures: It's worse than you think - Jan. 23, 2009

snippet:

"RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed in its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.

RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database."

[bentlebee]

I just did a count in my sub community and we were shocked...We have 48 houses and 16 are either already bankowned or in foreclosure!

[aneftp]

Originally Posted by bentlebee

I just did a count in my sub community and we were shocked...We have 48 houses and 16 are either already bankowned or in foreclosure!

What community is it in?

Where I'm originally from (Howard County Maryland), there is very little foreclosure activity, especially in the higher end neighborhoods. There are very few great homes in very good neighborhoods that are in foreclosure in the Wash DC area in general. The far off suburbs are suffering right now.

I relocated down to the Orlando area, and while I could get great deals on homes around Oviedo or Clermont, those places have such high foreclosure activity, that I didn't feel it was worth the risk to buy into those area. Lots of investor activity, however as they see potential rental income.