If you're in the real estate/mortgage industry, you know that it comes with ups and downs. It's important to know what to do in a commission based business during a downturn, and a downturn is what we're all experiencing in the current market.
Currently, mortgage delinquencies are up to the highest level since the crash of 2008, but foreclosures are down.
Consumer debt is at its highest since the crash, and home prices have decelerated causing them to soften -- which means there are more opportunities to get homes on the market.
The current market climate combined with high home equity numbers are causing some people to fall behind on their mortgage. When this happens, many will sell their home to avoid foreclosure -- especially since refinancing isn't an option because rates are too high and they're already behind on their payments.
How can you capitalize on this trend?
-You can buy a 30-day delinquent list from the bureaus
-You can also post to social media letting folks know you have a way to save them from foreclosure.
-You can also email or call your database and let them know mortgage delinquency and consumer debts are at all-time highs, and, if they have these issues, they can contact you for a way out.
It's another bolt in your quiver. Stay hungry & keep helping people.
Thanks for reading,
-Joe "Bear" Meadow