Foreclosures Continue to Bring Down The Housing Market

December 15, 2010 by  
Filed under Short Sale/Loan Modification Blog

Foreclosures continue to bring down the housing market despite a recent decline in underwater mortgages

By Joshua C Anderson, Lexington Realty Correspondent

As the holidays approach, many Americans are considering relocating to take advantage of the low prices available in the market. However, the savings are not a result of an amazing deal, there the aftermath of the worst housing crisis in history. For the miniscule market of qualified buyers, there are some great opportunities, but for the rest of the nation the turmoil continues. Just last week Forbes online magazine released an article of the worst hit cities in the nation, and that list continues to grow.

Cleveland Ohio was the top city to have the sharpest decline in home values, followed closely by Minneapolis and Portland. The nation however has seen somewhat of a decrease in underwater mortgage holders. But the problem of underwater homeowners still has an adverse effect on the market. The underwater homes carry the highest risk of default and foreclosures. The only realistic solution for these homeowners is a short sale. The short sale process has several benefits for the homeowners as well as the lender. The market will continue decline regardless of new buyers as long as there are foreclosures. Many delinquent borrowers do not want to face the fact that they will lose the house to foreclosure if they do not short sale, and there are still many holding on to the idea of the failed modification program.

new american homes front21 The 2008 New American Home at Lake Nona


In addition to the devastating consequences of foreclosure, many homeowners are opting for bankruptcy, deed in lieu and abandonment. All of which will continue to drive down the economy. If all of these delinquent borrowers choose a short sale, they will avoid all of these problems. Housing Assist of America is a southern California based company that has been named number one and is platinum certified through equator. HAA also has an immaculate rating with the better business bureau and doesn’t charge fees to facilitate the transaction. To learn more about them you can visit www.housingassist.com In these uncertain economic times its prudent to make the right decisions for the long run.

Comments

2 Comments on "Foreclosures Continue to Bring Down The Housing Market"

  1. Tony Orlando on Wed, 15th Dec 2010 3:44 pm 

    Hi,

    I’m just getting started with my new blog. Would you want to exchange links on our blog-rolls?

    BTW – I’m up to about 100 visitors per day.

  2. Tony Orlando on Wed, 15th Dec 2010 4:01 pm 

    Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.

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