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.
