WAYNE, NJ, March 03, 2011 (Press-News.org) According to Charles Blumenkehl, managing partner for Blue Asset Management, real estate investor of performing and non performing mortgages and distressed real estate, the number of properties reaching the end of the foreclosure cycle are increasing and will dramatically add to the supply of homes availble to today's home consumer. The result will manifest itself, according to Blumenkehl, in increased pressure on home pricing, particularly on REO's as banks will find themselves needing to either engage value enhancement strategies which will enable them to open their inventory to buyers who would not otherwise have the funds necessary to rehabilitate the home, or lowering their prices so investors will still be able to create equity for their investments by making the needed improvements.
Blumenkehl added, "The market is not responding well right now to the buying incentives it isn't receiving. The only true incentive available to today's homebuyer are the historically low rates and low prices that are only available to the most creditworthy of borrowers, and that discounts a large portion of buyers who should otherwise be a part of the process of fulfilling the American dream of homeownership. And even those buyers find their enthusiasm tempered by by the difficulties imposed throughout the mortgage loan origination system as designed to meet today's lending concerns."
According to Charles Blumenkehl, the market will eventually thin out, with even areas that have 13-18 months of inventory and climbing hitting their apex, and eventually inventory levels will lessen. When asked when he thought that might be, Blumenkehl said he didn't have the answer but said "God stopped making land a long time ago but he hasn't stopped making people, especially those moving to the United States. Eventually, the people will overtake the land, and the pendulum will swing in the other direction."
For more information about Charles Blumenkehl or Blue Asset Management, log onto the company website at http://www.blueassetmanagementllc.com or call the company directly at (973)835-1400
Blue Asset Management LLC Forecasts Slowdown in Sales of Distressed Properties
According to Charles Blumenkehl of Blue Asset Management the number of foreclosures reaching the end of their process are increasing creating pressure on house pricing while making consumers take longer to choose.
2011-03-03
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[Press-News.org] Blue Asset Management LLC Forecasts Slowdown in Sales of Distressed PropertiesAccording to Charles Blumenkehl of Blue Asset Management the number of foreclosures reaching the end of their process are increasing creating pressure on house pricing while making consumers take longer to choose.