The headlines read foreclosures down and mortgage delinquencies are up. Why? Banks are encouraging delinquent homes owners to pursue short sales to avoid forclosure…..soooooo……less foreclosures. High unemployment figures continue to point towards an increase in delinquencies. This homeowner benefited from Wells Fargo’s new emphasis on short sales. Sold in 21 days for $291,000 the owner had paid $365,000 just 5 years earlier.
Short sales and foreclosures create a market where [1] more homes for sale as folks are forced into the market [2] buyers view all inventory from the same point exerting a downward pressure on pricing. Click these links for more info on how it effects YOU……
http://rismedia.com/2011-08-27/short-sales-soar-19-percent-in-second-quarter/
http://rismedia.com/2011-08-24/what-foreclosures-cost-the-community
http://rismedia.com/2011-08-24/mba-survey-delinquencies-rise-foreclosures-fall/
http://rismedia.com/2011-08-24/realtors%C2%AE-urge-white-house-to-gather-leaders-stabilize-housing/
UNDER WATER? IF SO…ask about a short sale before you look at entering the foreclosure process. If not click here:
http://rismedia.com/2011-08-27/the-basic-steps-of-foreclosure/ for the basic steps
