2009 Home Forecast, Prices to go Down, Short Sale?

Another article out talking about the outlook for homes, and how they could go down another 15-20%. If that were the case more sellers would have to look at the short sale Minnesota home selling option. The article can be found on money.com today and it’s located here: http://money.cnn.com/2008/11/04/pf/forecast_home3.moneymag/index.htm?postversion=2008110605

Some highlights of the article are as follows:

Although still relatively low, many interest rates have gone up. An example 6.2 to 6.7%. 18.6 million vacant homes, that’s the most since the C.B. started recording the data. 2.8% of mortgage loans 3 months behind on payments, up from 1.4% last year at this time. If the recession continues, foreclosures will stay high and rise for a long time coming. It talks about seeing home prices down 20% since July of 2006, but of course that’s different with each state. Nouriel Roubini things that we could see another 20% decline in house prices next year, that would be lot in my opinion, but “Patrick Newport of economic forecasting firm Global Insight projects a 15% drop.”

There are some other tips on this article about keeping your house in excellent shape due to the competition, if you are able to hold on until 2010 or later, you should, for some people that’s a long time, for others it’s not. For buyers the article recommends that you wait a little while for one sitting around then pay below market value or submit an offer for below market value. They talk about improving your credit score, and how much a higher credit score can help save you on a mortgage. The credit score mentioned 780-820 credit score to get the deal done.

If you owe too much, behind on payments, lost a job and soon will be behind on payments, can’t afford the current ARM adjustment, or the one about to happen, if you are probably going to lose your home, or simply can’t afford it, we need to have your bank take less than what’s owed to them, and we can help you with a bank short sale here in Minnesota, we have negotiators, please check out the following Minnesota short sale homes article

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2009 Home Forecast, Prices to go Down, Short Sale?

2009 Home Forecast, Prices to go Down, Short Sale?

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