After a welcome week of seemingly positive housing news….now, its back to reality.
Its official: 2011 was the WORST YEAR for new home sales in U.S. History. (like we didn’t all know that already, right?)
To the facts:
* 1 out of every 5 homes sold in 2011 was a foreclosure
* New home sales dropped in December
* Home values are still on the decline (3-5%)
* There will be a new wave of foreclosures in 2012. Remember that whole robo-signing mess? The states A.G.s are in the final stages of settling the massive suit with the nations largest banks of foreclosure fraud. Its expected that the banks will pay out over 20 Billion to settle this suit. Once that happens the banks will be moving forward with the foreclosures that have been waiting in the shadows. The stories of owners living payment free are going to come to and end in 2012 and into 2013.
Don’t think that some new mortgage refinance plan will help resolve this mess. It wont. (watch the video)
WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for the first 100 agents only.
Visit msnbc.com for breaking news, world news, and news about the economy
Recent Comments