According to a recent article, the number of REO/bank forclosures on the market could increase by as many as 4 million in the next 24 months. Much of this is attributed to the "shadow inventory", foreclosed properties the banks have yet to put on the market and homes they have yet to foreclose on.
Since the large number of foreclosure have been in states such as California, Florida, Nevada and Arizona the number of foreclosures coming on the market in the south Florida area should increase substantially. By how much nobody knows. However, an average number of home sales nationwide is about 4.5 million. The impact of 4 million foreclosures hitting the market could depress prices for some time.
You can see the full video regarding the bank foreclosure inventory here.
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My specialty in south Florida is working with homeowners in distress to short sale their home instead of going through a foreclosure. I also represent banks in selling their REO properties.
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