Number of Sherman Oaks Short Sales and Foreclosures Soar in 2011

December 15, 2011 by  
Filed under Short Sale/Loan Modification Blog

In 2011, short sale and foreclosure numbers, indicators of an unhealthy housing market increased by a gigantic margin.  From last year, in the Sherman Oaks area, the number of short sales increased by more than 150%.  The number of Sherman Oaks foreclosures has increased by more than 33% since last year.  These numbers indicate that Sherman Oaks homeowners are struggling (or were struggling) with their monthly mortgage payments, and either did something about it by conducting a short sale, or lost their homes to foreclosure.

At the same time, the number of forecloses homes purchased has risen, meaning potential buyers are looking to save an extra buck by purchasing these homes that banks are selling at reasonable prices.  In turn, the resale value of homes that are not bank owned, are losing value because buyers prefer the discount of bank owned homes.

If you are one of the thousands of people who can’t afford their monthly mortgage, and foreclosure is looming, do yourself a favor and contact Housing Assist of America today, for information on the short sale process and preventing foreclosure.


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