So Many Homes Underwater and Drowning!



 

No surprise when you consider these facts:

Number of homes already lost to foreclosure - 4,000,000

Number of homes in default that will become tomorrows foreclosure (unless they make a smart move to short sale first.) - 6,000,000

Average underwater owes $50,000 more on their homes than our current market value. 11,000,000 home owners are labeled 'underwater.'

The number of underwater owners is really closer to 20,000,000 when those who are 'near underwater' are factored in. 

Now what is happening to increase the delinquency rate?

 Default. Owners are making the decision to get out of a sinking asset. Many have been waiting to see if the market would improve or in there would be any homeowner bail out program to come available. Now knowing that neither is an option millions are strategically defaulting... or at least considering it.

 As you can see the problem is definitely there.  As agents we can do our part by helping home owners transition their underwater homes by doing short sales rather than foreclosures.

LINDA SECRIST - LINDA SECRIST & ASSOCIATES - EVERYTHING THEY TOUCH TURNS TO SOLD!