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Short Sale Homes-7.5 million homeowners underwater!

Friday, October 31st, 2008

Homeowners

Have you read the most recent money article out today?

http://money.cnn.com/2008/10/30/real_estate/underwater_borrowers/index.htm?postversion=2008103108

The increase in homes is making more people need to do a on their home, these minnesota short sale homes as seen here: http://www.minnesotainvestors.com/blog/what-short-sale-information-minnesota-short-sale-process/       are reducing what’s owing to the bank so that they can sell the house to an interested party for the new price needed in today’s market.

This article goes on to say this:

“Nearly a fifth of U.S. borrowers owe more on their mortgages than their homes are currently worth - and that number is growing.”

This means sellers would have to bring a check to closing just to get out of the home at the closing to pay off the 1st and or 2nd mortgages.   This is also known as or being with your house.    You can’t tap equity or take out a home equity loan in these cases.    Estimates are now over 12 million who may have a house .     Nevada was the state that was hit the hardest, values dropped 30% in the past 12 months, leaving 48% of homeowners with , that’s incredible. Even those who put 20% down are having a hard time getting out in those states.  Arizone, Florida, and California are also big housing bubble states.   Some other states near the midwest are also in trouble due to the economy and job losses over the years.

If you think you owe too much on your home, are behind in payments, in foreclosure, or not sure how you will ever be able to sell based on your current condition, please read this article:

http://www.minnesotainvestors.com/blog/what-short-sale-information-minnesota-short-sale-process/

Ron Orr, Jr.
Real Estate Broker
MinnesotaInvestors.com

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Related Posts on This Topic

Record Price Drops leads to Minnesota Short Sales

Wednesday, October 29th, 2008

Record Price Drops leads to Minnesota Short Sales

Have you read today’s money article: http://money.cnn.com/2008/10/28/real_estate/August_Case_Shiller/index.htm?postversion=2008102816  about the record home price drops.  It’s amazing how fast home prices have fallen across the united states and how some think they will continue to fall.

Some highlights from the article:

“17.7% over the past 12 months, and experts expect the declines to continue.”

“Home prices fell in August for the 25th consecutive month”

The commentators are saying it was a speculative bubble and their is far too much inventory.  One million + too much inventory.

“The hardest hit of all 20 cities on a year-over-year basis was Phoenix, where prices plummeted 30.7% during the past 12 months. Las Vegas prices plunged 30.6% and Miami sank 28.1%.”

Difficulty in obtaining credit is one of the main reasons and causes.

Peter Schiff says “”They’ll surrender all the gains they made in the past 10 years,” he said, “and be even lower than they were 10 years ago.”

Schiff explains that everyone spend too much for the past 10 years, and now it’s correcting itself.

If you think you owe too much or need to sell your house check out minnesota short sale homes

We can help negotiate with your bank and get paid by your bank if you owe too much on your house before the sheriff sale or in the redemption period. We can help you deal with the negotiating, and or the deficiency part of the transaction.

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