Shhh! The Secret Bottom Of The Duplex Market

I’ll let you in on a little secret.

If you’ve been waiting for the bottom of the duplex market to invest, here it comes.

According to expert Rick Sharga, senior vice president of the leading resource for foreclosure data, RealtyTrac, in 2011 lenders will take back more homes than in any prior year.

Approximately 5 million property owners are at least two months behind on their payments. Not all of these delinquencies are the result of owing more than the duplex is worth.

Many are a result of job losses.

Sharga says, “2011 is going to be the peak” of the foreclosure wave. It is estimated that 1.2 million homes will be repossessed in the next 12 months.

That’s repossessed. Not notified that they were in default.

In 2010, 1 million properties went back to the bank. However, 2.9 million property owners; that’s one in every 45 households in the U.S., received notice of a foreclosure filing.

Minnesota fared slightly better than the rest of the country. In December, there were 2853 properties that received notice. That’s one in 817 households.

That isn’t the best ratio in the county. And it isn’t the worst.

And most of these properties will hit the market in the next 18-24 months.

So if you’ve ever thought of investing in real estate, but wanted to wait until the “bottom of the market”, here it comes.

But remember…secrets don’t ever stay that way for long.