The SacBee reported on Friday that homeowners are losing their homes at an alarming rate compared to total sales. In the Jim Wasserman article, “Foreclosures gain on sales,” it was pointed out reported, “For roughly every two homes sold in August in the capital region, one house went into foreclosure.” During the month of August while sales slowed foreclosure activity increased. There were 1,367 foreclosures in the seven county area around
Looking a bit closer to home, the real estate markets in
In addition to the normally high level of inventory that we generally experience this time of year the number are being buoyed by the large number of distressed homeowners who are trying to avoid a foreclosure by trying to sell at almost any price. At this time there is no “light at the end of the tunnel” for sellers. The increased credit requirements to get a mortgage has removed a number of potential buyers, builders continue to offer almost insane new home incentives and slow sales in other parts of the country are reducing the number of relocations.
It is very easy to start thinking there is no end to the woes in our
Link to the Jim Wasserman article, “Foreclosures gain on sales”
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