Posts Tagged ‘short sale homes’

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Growing Job Losses Will Cause More Foreclosure…

Thursday, November 20th, 2008

Job Losses Growing Will Cause More Foreclosure…

At 7:30 am this morning jobless claims week ending 11/15 just went up significantly up 27,000 to 542,000 lost jobs

That’s the lastest headlines all over the web.   You can read the latest article today I just read today titled No Job, Bad Mortgage, no luck.  This article relates to are recent articles about job losses of the recent .  Here are some highlights from this recent article:

Because of the growing wave of home owners losing their jobs, this is causing more , and banks can’t do much to help these home owners simply because they have zero income.  The banks aren’t offering relief at all.   have tried to help in the past by getting home owners loans more in check at the 31% range of DTI.  If there is no income at all, no amount works.   “A record 1.2 million homes were in foreclosure during the second quarter of 2008″  “The unemployment rate is at 6.5%, its highest level in more than 14 years.” “45.5% of all delinquencies reported by Freddie Mac were due to unemployment or the loss of income, according to the company. That’s an increase from 36.3% in 2006.”   Right now a short-term modification or plan may be made on a case by case basis for each home owner by non profit loan servicers and banks.  Many homeowners are being told on television and in the media to call their lender for help and many feel they aren’t getting it.  The fear of these home owners losing their jobs and going into foreclosure is that it will continue to drive down prices, which in effect will put more homeowners under water which will cause more foreclosure.  Are solution to all of this is for our 3rd party negotiators to help you with your minnesota home.  Contact me today if you owe too much on your home, are behind in payments or in foreclosure.

Real Estate Broker, Ron

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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, 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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