Recent data released showed that JP Morgan, Wells Fargo , and Bank of America had a combined market exposure of over $20 billion in various stages of foreclosure.

The lenders are simply in over capacity and are managing best they can since “foreclosuregate” hit the presses. How these companies will manage their assets will continue to be on the forefront as the rating agencies will continue to scrutinize these companies debts and balance sheets.

New loan applications continue to crawl and are adjusting due to seasonal demand in the housing markets. The good news for those whom are able to buy a new home are in good position to take advantage of the lower rates and lower housing prices.

The Triangle market of North Carolina has slowed and we continue to see some price reduction sellers. Some sellers still refuse to lower their price and will likely continue to see longer days on market or not sell at all. In the end we there are many opportunities for both buyers and sellers to navigate the current housing market.

Courtesy of Jeff Dicks Real Estate