Why Foreclosures Won't Save You Money in This Market

Foreclosures are making headlines again, and many homeowners, buyers, and investors are asking the same question: Are we headed for another 2008 housing crash? On this episode of Get Real with Eddie, Eddie Ruettiger and Nancy Vallee take a closer look at what is actually happening with foreclosures, including the numbers in Will County. While foreclosures are increasing in some areas nationally, the local numbers tell a very different story. We discuss why foreclosures are happening, including higher monthly payments, inflation, insurance costs, property taxes, HOA fees, job losses, and other financial pressures. We also explain why today's foreclosure market is very different from the conditions that helped create the Great Recession. The conversation also covers an issue many homeowners overlook: HOA foreclosure activity. We explain why falling behind on an HOA can create serious problems and why homeowners shouldn't simply assume their HOA dues are less important than their mortgage. For buyers, we look at whether foreclosures actually create cheaper homes—and why they generally don't. For investors, we discuss days on market, price reductions, ZIP code trends, due diligence, inspections, and the opportunities available with distressed and bank-owned properties. And if you're a homeowner who is worried about foreclosure, Eddie has a simple message: Don't panic. There may be options, including selling the property before the situation gets worse. Whether you're a homeowner, buyer, seller, or investor, this episode cuts through the foreclosure headlines and looks at what they really mean for the real estate market. Get Real with Eddie is hosted by Eddie Ruettiger, designated managing broker and owner of EXIT Real Estate Specialists in Joliet, Illinois. Visit GetRealWithEddie.com for more real estate conversations, local market insight, and information about buying, selling, and investing in real estate. #GetRealWithEddie #Foreclosures #RealEstate #HousingMarket #HousingCrash #IllinoisRealEstate #WillCounty #JolietRealEstate #RealEstateInvesting #Homeowners #HomeBuying #HomeSelling #BankOwned #RealEstateInvestor #marketupdate Chapters 00:00 What’s Causing Foreclosures Today? 08:37 Why You Shouldn’t Ignore Your HOA 10:29 Foreclosures Still Sell at Market Value 12:02 Why Investors Are Important to the Market 16:36 What Should Investors Look For? 21:13 Get There Before the Price Reduction