With the unemployment rate still at a high level, the real estate market is suffering its effects, and the number of foreclosures continue to pile up, leading to an excess of foreclosure properties on the market. Although the number of foreclosure filings have decreased over the past year, this is only because of the longer foreclosure process imposed by the government on banks as well as the reopening of cases due to improper filings and foreclosure mishandling’s. Even if the number of foreclosure slows down for this reason, the actual number of homes under the process of foreclosure remains to be seen.

At present, the number homeowners who are at least 3 months behind on their mortgage payments have reached 4.3 million and this could lead to more home foreclosures in the foreseeable future. Since 2006, there have been approximately 6.5 million properties that have been foreclosed and with this information, a pre foreclosure is more likely to become foreclosed. It only goes to show that even with the longer foreclosure process, the numbers stay the same only with the time-frame being longer. Although this can be an advantage to distressed homeowners as they can buy time to save their homes, this does not guarantee a positive result every time a home falls into foreclosure.

Clearly, the increase in number of foreclosures on the real estate market could pull the prices of homes, including newly built homes, even lower. Especially with the competition between the two types of homes, this provides a great opportunity to buyers but sellers continue to suffer because they are forced to sell the property for much less the actual value of the property. Furthermore, homeowners sink deeper in their debt and most of these homes are left to rot away making buyers doubtful if they are going to get more for what they are going to pay. In the end, homeowners, buyers, and the real estate market will continue to struggle to keep their heads afloat amidst the foreclosure crisis.

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