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Purchasing foreclosures account for 31 percent of all home sales for the first quarter. Its good that people are finding good deals, but on the other side of the coin there are many more people being foreclosed on. Why isnt the housing market recovering with all the money the government poured into the economy? Its a little better than last years 37 percent, but does that mean we are on the road to recovery? To put it into perspective, on a normal year, foreclosure sales account for only 1 percent of total sales. So 31 percent is nowhere near to normal.

The near future is expected to stabilize in the 25 to 35 percent states Rick Sharga, senior vice president of Realtytrac. Not a good outlook for Americans. There are currently 1.2 million homes in foreclosure and 900,000 bank owned homes, the market has a massive inventory of homes. There is a lot of interest with the buying public due to the high inventory, low interest rates, and low house prices.

Watch the full video from Fox Business

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Posted in Industry Events, Press Room, MBI Headlines, Buyer Resources

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