Short Sale Tip of The Week 8-5-09

Posted on 05. Aug, 2009 by ctlms in Short Sale, foreclosure

Today's NEED can be your Opportunity.

There has never been a time where your community needs you more than they do now.


  • The U.S., as a whole has seen a 21.9% decline in home values for properties purchased by homeowners within the last 8 years. As a national average, homeowners who bought before then could have equity in their home provided they did not perform a cash-out re-fi. (NAR)
  • The # of US households on the verge of losing their homes has soared with nearly 15% of all-use homes—more than 1.5 million homes in the 1st half of the year going into foreclosure.
  • Nationally, 1 in every 380 homes received a foreclosure notice in June.
  • Nationally, 1 in every 84 homes received a foreclosure filing sometime in the first half of the year.
  • Foreclosure filings were up 33% last month over June of 2008 and 5% greater than in May. (RealtyTrac)
  • There are proportionately more ARMs given to strong credit buyers that are facing foreclosure than sub-prime loans given to the credit unworthy.
  • Of the 4 million homes targeted by Obama’s plan for modification assistance, only 325,000 have made it and some lenders are saying it is less costly to foreclose than modify.
  • Reports have the unemployment rate reaching 10% by years end and is measured as high as 20% if you consider more accurate measuring methods.
  • Some states have hit unemployment rates not seen for 25 years. (WSJ)
  • The Federal Reserve has projected that there will be no return to full employment until 2015. (AJC)
  • The Cap-n-Trade Bill is set to eliminate even more jobs, erode more disposable income, blow-up the appraisal process, and throw increases in costs and time-lines into the housing crisis.

On a positive note: the tax credit has stimulated home-buyers and there is still time to take advantage, interest rates are still low, and lending restrictions are lessening.

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