The startling news contained in a recent AP report that about 1.7 million homeowners (one in 78 US homes) received a foreclosure-related warning between January and June of this year has reinfoced what many of us have believed for some time - that the foreclosure and short sale market will be with us for the foreseeable future.
While the foreclosure and short sale statistics for new listings in June of 2010 for our Twin Cities area reflect that there has been a slight reduction compared to June of 2009, it's likely that this is due more to the bank's managing the flow of their distressed properties. The expectation is that this market will be with us at least for a couple more years - that is assuming the economy does not worsen. Most people believe there is a "shadow inventory" of distressed properties waiting to hit the market.
The data for June of 2010 does hold some interesting statistics for Short Sale properties. Pending Sales and Closed Sales for Short Sale properties for June 2010 both increased which may mean that the parties involved (sellers, banks, agents) are improving their systems and knowledge to get short sales closed.
Due to the economic times we are currently experiencing, it is highly likely that someone you know or someone you are related to will be faced with the possibility of losing their home. It is at this particular stressful juncture that people should be turning to professionals to help them navigate through the options and difficult choices they have ahead of them.
We have recently partnered with a group that will help insure success for our short sale clients. This group consists of attorneys, closers and title professionals, who can assist us in providing our clients confidential and professional service.
If you know of anyone who may find further information on this subject helpful, please have them contact us for a free confidential analysis.