Are you ready for the Foreclosure Flood coming your way?

[Mr. T]

Are you ready for the Foreclosure Flood coming your way?

 

Specialist says foreclosure flood ahead

 

Convinced there is a larger tsunami of foreclosures poised to hit the Southwest Florida housing market, Keller Williams Realty of Greater Manatee is opening an office in downtown Sarasota led by the seven-member Troy Funk Team.

 

Funk -- a distressed-property specialist -- said he and his team have sold more than 100 properties in the last seven months and have done just under $20 million during the last year, despite the poor housing market, by focusing on foreclosures and short-sales.

 

"I've been in the business here going on 23 years," Funk said. "I was involved in foreclosures during the last down cycle we had, so it was easy for me to reconnect with those people."

 

Funk said he is tight with 18 lenders, representatives of which have told him they are sitting on massive numbers of foreclosures and short sales.

 

"The banks have been stalling the short-sale and foreclosure process and it's a dam that can't hold," he said. "They have pretty much all said the same story: Get ready. Get ready. That next wave, it's coming."

 

Funk predicts that the number of distressed properties on the market will increase three-fold in short order. "The banks can't hold onto all those properties and they are going to start flooding the market, we've been told."

 

Foreclosed Article HERE

 

And while we are starting to see the light from all of this we have banks in the red such as Colonial BancGroup who were just recently raided by the fed and were told to cease all operations. Article

 

Question is how many more of these small banks are there in the same boat?

 

 

Meanwhile back at the White House Obama and Rahm want to move all the bad mortgages from Freddie & Fannie over to Banks that have been recently Bailed out with tax payer dollars so they can free up more money to Freddie & Fannie for business as usual.

 

Acorn loans are on there way soon everybody!

 

Isn't this the reason we are in this banking mess anyways?