Foreclosures/Short Sales 43% of 2009
“Mortgage foreclosures and short sales accounted for nearly half of all Twin Cities housing sales in 2009″
Short sales should continue to be very big in 2010. The timing is right to do a short sale. It’s expected up to 43% of all sales from 2009 from local housing was from foreclosures and short sales.
“Prior to 2006, foreclosures and short sales accounted for less than 5 percent of all home sales, he said. In contrast, “in the early part of 2009, foreclosures represented more than 50 percent of all sales. It is a whole different world.” -Aaron Dickinson
“I think anyone expecting a dramatic [housing] rebound will be disappointed.” -Aaron Dickinson
This is showing that it no longer makes sense to wait, now is just as good a time as any to do a short sale.
Median prices have dropped , 2009 is expected to come in around $170,000. (In the last two years, the Twin Cities’ median home price has declined more than 20 percent).
This is the reason that most people are underwater locally in the twin cities, with over a 20% drop in home prices, almost everyone is upside down in their house, so we often recommend a short sale, as a loan modification would not help in this scenario.
“Yet, serious delinquencies — those mortgages more than 90 days late — continue to mount.” -Aaron Dickinson
This graph shows how short sales contribute to a lot of current sales
http://www.finance-commerce.com/userfiles/image/Bar-Graph.jpg
If you are considering talking about your options, or are looking into doing a short sale, I would recommend calling and let’s answer some of your questions. As you’ll agree from this article and highlights above it does appear that short sales are the direction most are going right now. There are many advantages to doing a short sale, and most include tax advantages, and or negotiating with your bank on the deficiency judgment. If you give us a call we have answers to the most commonly asked questions.
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- Tidal Wave of Foreclosures on their way If you spe
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