Short Sales– They may be our only way out. Banks are still postponing all but around 15% of Trustee Sales. Not taking homes back and prolonging the foreclosure process and monthly catastrophic blows to homeowners credit reports… How else can you get out? Consider your other options. The hit to your credit through a prolonged foreclosure will be nuclear. I have several clients and know of several other agent’s clients who have gone over 2 years without making a payment. Many of these people have already walked away from the home, moved out, are renting elsewhere and are trying to get on with their lives. But the banks won’t let them-
According to Real estate website Zillow.com more than one in three Sacramento County Homes are underwater.
Sacramento Short Sales will continue.
As more people realize this and look the other options available to them, some will choose bankruptcy or short sale instead of just walking away.
Zillow also says one of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter. Nationally, The number of American single-family homes with negative equity rose to 21.4% in the fourth quarter from 21% in the third quarter, according to the Zillow Real Estate Market Reports. U.S. home values declined again in the fourth quarter, as the Zillow Home Value Index fell 5% year-over-year and down 0.5% quarter-over-quarter, to $186,200. It was the 12th consecutive quarter of year-over-year declines, the reports showed. “The prevalence of markets in or near a double-dip situation shows that we are not yet at the bottom, in terms of home values,” Stan Humphries, Zillow chief economist, said in an interview.
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center