Industry News

Experts predict surge in foreclosures

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SAN FRANCISCO–Real estate investors are eying an expected increase in foreclosures over the next year due to rising interest rates and slowing home-price appreciation. But the Internet and new technologies are changing the methods used to obtain these investment properties. Alexis McGee, president of Foreclosures.com, said more than 90 percent of homes that are in default don't appear on the Multiple Listing Service. Therefore, investors or those interested in investing should be aware of all the channels that exist for unloading these properties. "In the next year, we'll see a huge amount of foreclosures," McGee said. Panelists speaking Friday morning during Inman News' Real Estate Connect 2004 explored new technologies and strategies for tackling the influx of home-loan defaults and foreclosed properties they expect to see in the coming year. The panel was titled, "Default Management: Innovations in property disposition." Foreclosures.com is a real estate investment advisory c...