Short Sale Numbers on the Rise

Short Sale Numbers on the Rise

In many states, short sales are increasing as homeowners in debt are trying desperately to avoid the devastating effects of foreclosure.  In the second quarter, short sales accounted for 12% of sales nationwide.  This number is up almost 10% from this time last year.  This increase was particularly sharper in California.

California Real Estate has always been expensive and desired, only with the recession, the housing market has taken a hit.  Instead of choosing to foreclose on their properties though, homeowners are taking advantage of the short sale, saving themselves from the pitfalls of foreclosure.

Short sale homes retain their value better than homes that go through foreclosure.  This, of course, helps the value of neighboring homes.  The more foreclosures, the more damage down to the value of houses in the area.  Because of this, short sales not only help the homeowner, but the  neighborhood as well.

Sherman Oaks Short Sales

Sherman Oaks Short Sales

If paying your mortgage is a financial burden and you owe more on your property than what it’s worth, a short sale might be the answer.  Foreclosing on your property could leave you with horrible credit and your neighborhood with a decreasing property value.  In a short sale, a lender or bank will accept less than what’s owed on the house.  Lenders are open to short sales because it’s easier to cut their losses and not deal with the difficulties of the foreclosure process than to try to collect from a homeowner who doesn’t have the money they owe.  More and more short sale transactions are occurring, as homeowners are trying to climb out of debt

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Beverly Hills and Westwood, properties have decreased significantly.  As the values of property declines, homeowners who don’t own their houses are paying high ticket mortgages that will continue to rise.  In many cases, homeowners will owe more than what their house is now worth.

If you owe more on your property than what it’s worth, and you live in Sherman Oaks, Tarzana, Encino, Studio City, or Reseda, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home, and they can certainly help you if you are trying to alleviate yourself of the pressures of debt.  Housing Assist of America has helped dozens of valley homeowners move their properties.