OK, here it comes again.
All we hear is how the $ 8,000 credit is pumping life into the market, but if you drill down you will see the activity is in the under $ 300,000 market. Hey, if $ 8,000 is good, why not raise it to $ 30,000 and let's get rid of some of the million dollar homes??
But lurking out there is the second wave of forclosures.
To quote the movie Poltergeist: "They're back"
Stan Humphries, chief economist for Zillow.com:
We haven’t seen much of an effect from the loan modification programs from the government. It’s possible that individual lenders in South Florida are working with borrowers to prevent foreclosures, but I don’t have any first-hand knowledge of that. Nationally, we do know that there are 1.4 million homes that are seriously delinquent but haven’t entered the foreclosure process and another 1.5 million that are currently in the foreclosure process but haven’t yet been foreclosed. That’s almost 3 million homes potentially headed for foreclosure – a big number considering annual home sales are only 5 million. The prevalence of foreclosures will vary by market, but it is clear that nationally, we’ve got a lot more foreclosures ahead of us.
If you've got a house out there to sell, you better think about this very seriously.
Remember, Hope is not an effective selling strategy!
To paraphrase Larry the Cable Guy, "Git 'er sold"
Richard SitesRealty Associates-FL Properties