I wrote a post this past week about Who Controls the Phoenix Real Estate Market. As such, here’s a question that came up in a conversation with Gary Miljour from Cherry Creek Mortgage. Given that the expectation has been for months that we are about to see another wave of foreclosures hit the market but taking into account some of the points in my post…
“Will there really be another large wave of foreclosures or just a steady deliberately-managed trickle of foreclosures over a much longer timespan? Is the idea of the next big foreclosure wave just a bunch of phooey?”
When a large number of people believe one thing about the future, it is often the contrarian view that comes to pass. Perhaps all of the distressed properties are simply going to be managed in the system from now on. If they come out slow and steady, market values can be held higher which is beneficial for the lenders that own or control them.
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