Sometime in 2010, according to the USA Today:

“A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices. These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.”

The reason? The report lists several:

• Moratoriums
• Overwhelmed lenders
• Modifications
• Asset write-downs

Add it all together and Mark Zandi from Moody’s, which is “among the world’s most respected and widely utilized sources for credit ratings, research and risk analysis,” predicts that about 2.4 million homes will be lost to foreclosure next year.

That’s nearly a half-million more defaults that occurred in 2009 based on their data.

If you’re in financial turmoil do everything you can as soon as possible to not add to that potential tally. Remember that professional foreclosure consultants can be reached right here.

It’s free help.

On the flip side, be sure to search Foreclosure.com today if you’re in the market to purchase a foreclosed home in your area. It’s FREE for seven days. Click here.

Gregory Holm (a photographer) and Matthew Radune (an architect) plan to freeze a foreclosure home in Detroit, Mich., and demolish it in spring 2010 to draw more attention to the alarming default situation that has plagued “Motor City” for several years now.

“Ice House Detroit” — one of more than 13,600 active distressed properties in Wayne County, according to third quarter 2009 statistics from Foreclosure.com — will eventually be razed and donated to the community when the unique project is complete sometime in 2010.

The two “artists” came up with the idea of spraying a house with water and freezing it while studying architecture at Rice University in Houston, Texas. It just so happens that Radune feels Detroit is the ideal canvas for their work.

Here’s a snip from Yahoo!:

“It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense. Detroit was a place where we could make it into more than architectural installation.”

Holm and Radune have yet to select a specific abandoned house in the region. Once they do they will take photographs of the transformation of the house, which will be featured in a book and possibly a documentary film.

We’ll keep you posted on their progress as it becomes available. In the meantime, feel free to check out their “Ice House Detroit” Web site right here.

Late 2010, according to the Mortgage Bankers Association (MBA), which serves as the national association that represents the real estate finance industry.

Jay Brinkmann, MBA’s the chief economist, recently shared the prediction during the group’s annual conference in San Diego, California.

Here’s a snip via Bloomberg.com:

“Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2 percent in the second quarter…. ‘This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,’ [said Brinkmann]. The effects of the recession, which he said probably ended in July, will linger for ’some time’ in the form of higher unemployment, fewer mortgage originations and lower business development, he said.”

The good news is that there appears to be light at the end of the tunnel.

In addition, it serves as yet another reminder that the “for sale” foreclosure inventory will soon begin to wane as fewer homeowners fall into distress and more buyers flood the market to capitalize on great deals.

Remember, foreclosures are often the first stop for smart house hunters and investors because of their value — you can typically get way more house and pay much less for it the closing table.

Start your search on Foreclosure.com today right here. It’s FREE for seven days. We also provide FREE email alerts, which keep you constantly on top of the best deals that pop up in your area … and you don’t even have to lift a finger. Click here.

Mortgage lending giants Fannie Mae and Freddie Mac are offering special programs to spark home sales nationwide, according to the New York Times.

And according to Brad Geisen, Foreclosure.com founder, president and CEO, big banks might not be far behind:

“We’re starting to see banks loosen up on financing and consider a number of different incentive programs to move their inventory. I know a number of banks who are getting ready to release programs like this, between now and the end of the year.”

Deep discounts on prices and insurance, as well as closing cost and home repair assistance, are several of the perks that buyers can take advantage of right now.

Remember that Fannie Mae-owned properties can be found on HomePath.com and Freddie Mac lists its homes on HomeSteps.com. Both sites are free to search and offer complete property details.

On Foreclosure.com, of course. Paul Owers from the Sun Sentinel explains:

“… there are many bank-owned properties here in Florida. Banks often offer reduced or no closing costs when these homes are purchased. All lenders are motivated to unload their inventories, so there are deals to be had out there. As far as financing, rates are still at historic lows and Federal Housing Administration loans allow for as little as 3.5 percent for down payments. You can contact different banks or check out websites such as Foreclosure.com.”

To search foreclosed homes in Florida, as well as preforeclosures, Sheriff Sales, short sales, bankruptcies and other distressed real estate for great discounts, click here. It’s free for seven days — more than enough time to find your perfect retirement/vacation home at an affordable price.

Time is running out to claim the $8,000 first-time homebuyers tax credit! We’re down to three months before the limited-time government-sponsored program expires on Dec. 1, 2009.

That might seem like enough time to get in on the action; however, finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So if you have any intentions of saving as much money as possible on the home of your dreams then the time to act is right now.

We decided to sweeten the pot, which will hopefully provide you with even more incentive to search for the best real estate deals in your area before the prices start climbing back up. And before the last-minute rush on the most affordable homes begins … if it hasn’t already.

For the next three months (Sept. 1, 2009 to Dec. 1, 2009) we are giving our blog readers and Twitter followers a special discount offer to search our nationwide real estate database of more than 1.8 million distressed real estate listings. We refer to it as the “Tax Credit Countdown.”

Foreclosure.com is already FREE to search for seven days — no strings attached, cancel at anytime. However, sometimes house hunters need more time to comb through and visit all the awesome deals right in their backyards.

Therefore, we’re slashing our monthly subscription — already among the cheapest in the industry — by 30 percent! That’s savings, on top of tax credits, on top of more savings (you can find homes up to 50 percent off on Foreclosure.com every day).

So how do you get started? It’s simple.

Just visit this registration page: www.foreclosure.com/registration.html?rsp=0 and insert the phrase “taxcredit” (no quotes … just taxcredit) where it says “Click here to enter a promo code” (see screen shot in the extended entry).

That’s it!

If you find a deal within seven days, which many of our subscribers often do, then our special offer is simply not a factor in your overall savings. You got it all for FREE, saving a ton in the process … and that’s just fine by us!

… in Connecticut, according to state’s largest daily newspaper, the Hartford Courant:

“RealtyTrac … said the number of June foreclosure filings of all types actually jumped 31.5 percent compared with the previous month, rather than falling 80 percent as first reported … the firm revised the numbers after The Courant questioned the low level of initial filings, known as lis pendens. RealtyTrac first reported 56 but the revised number is 991. The total filing was 1,455 in June compared with 1,106 in May … RealtyTrac has had trouble tallying data from Connecticut….”

Surprised? Shouldn’t be.

That’s because this isn’t the first time RealtyTrac has had to correct its inaccurate data. Far from it.

For more troubling news reports that reference the company’s checkered foreclosure statistics click here, here, here, here, here, here, here and here.

That’s just the tip of the iceberg.

We’ve said it numerous times before, and we’ll say it again: Media outlets and others cannot take this important real estate data at face value.

More often than not, when smart reporters, politicians and other influencers do a little digging and ask questions the truth is eventually revealed.

Bravo, Mr. Gosselin, from the Hartford Courant. More please.

What an exciting prospect!

With so many hot properties still on the market, this could be the month you find that one amazing deal of a lifetime.

But how do you narrow down your selection with so many great opportunities from which to choose?

The August 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details how you can find the best real estate deals in your area with half the effort … and for half the price.

Search smarter, not harder!

With the market saturated with deep discount properties, finding the one that is right for you in that perfect area will be key to making it big. And this month we’re going to show you how.

It’s a great time to make the jump, whether it’s your first home or investment. Foreclosures and bank-owned homes are more than likely now available in your area for unheard of low prices; however, these homes are in high demand.

In fact, distressed real estate sales account for a huge chunk — more than half — of all transactions today.

So it’s important to know how, when and where to search for great deals and capitalize on them before someone else does — timing is more important than ever before.

Get a jump on the competition and check out “Find the Deal” to get the head start you need today to breathe a sigh of relief (and satisfaction) tomorrow! CLICK HERE.

Remember that “Investment Exchange” is a FREE resource that Foreclosure.com provides its site visitors. Sign up to receive the educational real estate newsletter each month at no cost right here.

Boca Raton, Fla. — Aug. 3, 2009 — Foreclosure.com today announced that it is working with Fannie Mae to re-launch HomePath.com, improving the user experience and home-buying opportunities for individuals throughout the United States.

Fannie Mae’s HomePath.com site, which includes all Fannie Mae-owned properties, now runs on Foreclosure.com proprietary HelixII™ technology. It contains listings with comprehensive property details, including photos, maps, community statistics, complete address, contact information and more.

In addition, the latest version of the site has helpful community tools such as school information and demographics, as well as several calculators, to help future homeowners make more informed purchase decisions.

There is a wide selection of homes currently listed on HomePath.com, including single-family homes, condominiums and town houses, which are located in a variety of neighborhoods in all corners of the United States.

Interested buyers are able to connect with Fannie Mae listing brokers directly via telephone and e-mail contact information contained on these Web pages. These listing brokers will then walk buyers through the purchase process step-by-step, as well as introduce them to the best possible financing options offered through the HomePath® Mortgage Financing program.

“Now is a great time to buy homes,” said Brad Geisen, president and CEO, Foreclosure.com. “With the re-launch of HomePath.com, Fannie Mae has made it easier to locate them, as well as choose from several different desirable financing options. We’re thrilled that Foreclosure.com is able to facilitate this process because we, too, strive to help people achieve the American dream at prices they can afford.”

Foreclosure.com provides backend support to enhance search features on HomePath.com for Fannie Mae. Its proprietary platform, which has been tested and upgraded continuously since 1999, ensures data quality, stability and security at all times.

To view the site or to search Fannie Mae real estate listings nationwide visit www.HomePath.com today.

Count the Atlanta Journal-Constitution among the growing number of wise media outlets and organizations that will no longer accept nationwide foreclosure-related statistics from RealtyTrac at face value.

According to Inman News (subscription required), the leading daily in the state recently compared legal notices published in newspapers in five metro Atlanta counties against numbers from the self-proclaimed “most trusted source of foreclosure information.”

And while it’s no surprise that RealtyTrac was way off (by nearly 4,000 filings) again, it is quite shocking that the company is now apparently underreporting data.

Here’s the irony:

“After changing its reporting methods two years ago in response to accusations that it was overstating the number of homes subjected to foreclosure-related filings, data aggregator RealtyTrac is facing the opposite problem …”

RealtyTrac still can’t seem to ever get it right.

Meanwhile, Foreclosure.com continues to collect data that is more in line with Mortgage Bankers Association, as well as passes tests from the Wall Street Journal, Associated Press, Inman News — the leading source of independent real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike — and other prestigious publications/newswires.

And yet several newspapers and media outlets throughout the nation still to this day continue to source RealtyTrac data — even when the company’s own spokesperson admits there “needs to be a better process.”

The good news is that there already is a “better process” and it can be found conveniently online at Foreclosure.com. We work hand-in-hand with major lending institutions, government agencies, corporate sellers and other top-level sources, scrubbing the information that we receive to ensure its accuracy.

Put simply, our process works.

For more troubling news reports that reference RealtyTrac foreclosure statistics click here, here, here, here, here, here and here. Sorry if we missed a bunch; however, it’s just so much to keep track of over the years.