Hello Everyone:
Finally some validation on what I have been saying over the past 4 months! If you remember, what I said was “get ready for a 3rd wave of foreclosures”. The increases in home sale prices were just “smoke and mirrors”!
This was just posted by Standard & Poor’s:
Heartened by the recent rise in home prices? Don't get too comfortable. Standard & Poor's, the credit-rating agency that tells investors what mortgage-backed securities are worth, reports that the increase was just an illusion. It predicts the nation is about to see a deluge of new foreclosures that will drive real estate values back down.
Blame the "shadow inventory" – nearly 1.8 million homes that are on the road to foreclosure but for all kinds of reasons haven't gotten there yet.
Now you might be asking yourself, since I predicted what was happening in the housing market – how did I use this information to profit as a real estate investor?
In my next post I will explain how…
James Gage
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