The short sales / foreclosures aren’t over.

Here’s the latest data on late payments on mortgages for a few SE states: These homes are 60-90 days late on payments, are upside down in value vs. owed balance, and are over $150,000 in value.
Alabama 14,327
Florida 67,024
Georgia 36,400
Louisiana 13,384
Mississippi 10,018
N. Carolina 31,347

These numbers show that the foreclosure inventory is likely to pick up in the first and second quarters of 2012. That will keep prices low through 2012, especially if the buying capacity for this inventory stays soft.

On the other hand, if you are interested in buying a foreclosure, there is still time to get a great deal.

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