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

Thursday, November 6th, 2008

2009 Home Forecast, Prices to go Down, ?

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 here in Minnesota, we have negotiators, please check out the following Minnesota short sale homes article

   

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Record Price Drops leads to Minnesota Short Sales

Wednesday, October 29th, 2008

Record Price Drops leads to

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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