SHORTsense Blog

Just read this little nugget over at CNNMoney.com, “The foreclosure problem is widespread but reaches plague proportions in 10 states; those hardest-hit areas account for 77% of all foreclosure filings. California had more than any other state with 92,249 – nearly 29% of all U.S. filings.” But wait! Before you grab your inhaler you should know that banks are easing up on foreclosures because they want people in the homes, “Vacant homes are subject to vandalism and looting and often quickly lose whatever value they have.” Maybe the banks are finally thinking smart, because this is the very same reason many people are leery about purchasing a foreclosed home.

It is the opinion of many, including San Diego Realtor Dawn Lewis, that short sales don’t
typically face the same issues, “The homeowner wants their home sold before the bank forecloses on it and in most cases will have it well kept during the short sale process and in many cases be living in it.” Always remember to do your research when making any sort of
substantial financial investment, including purchasing a home.

Minda Reves is a freelance blogger for SHORTsense.com

Last Thursday the California Association of Realtors met in Sacramento, CA. CAR
Executive Vice President, Joel Singer, rallied his downtrodden troops, “In a sense, what has occurred is probably in our best interest.” The California house price median drop from nearly $600,000 to a statewide median of $256,700 may have realtors cringing, but not Singer, “That affordability, in itself, will help cure this problem in the future… It makes California, in my book, a more competitive place, something we all need in terms of long-term growth.” California Realtors had better get with the change before they become the GM of the Real Estate Industry. The reality is that there are clear signs that distressed and short sale properties are the new trend in the housing market. Realtors will simply need to increase the volume of their sales to make up the difference in decreased home prices. Over at SoCalBubble.com Chuck Ponzi, believes a decrease in home prices is an issue that goes beyond affordability, “Long-term, the higher percentage of income spent on housing translates into lower consumption and inevitably fewer jobs.” Hmm… sounds a lot like the current state of California’s economy, doesn’t it?

Whatever the case may be, visit www.SHORTsense.com when you are ready to talk to short sale experts.

Minda Reves is a freelance blogger for SHORTsense.com

Yesterday’s news that first-time homebuyers can take immediate
advantage of the $8,000 HUD tax credit for use towards their down payment and closing costs may have you eager to join other SoCal residents in getting more house for their money by entering the bargain home market.

You have two choices, foreclosures and short sales. Joe Light, at Money Magazine, favors short sales, while it may take a little more time to make the home yours “[t]he good news is that short sellers are likely to still be living in the home and some may even be current on their payments. That means these aren’t the run-down, distressed properties that you often find among foreclosures; in fact, there’s a good chance that some of the most deluxe homes for sale in your market are underwater.”

This is great news for those of you in the market for a new home in areas like Laguna Beach’s Emerald Bay, where the high-end market is beginning to see some movement. Or maybe you want to move into one of America’s safest cities, Irvine, where 112 homes saw a price reduction in May. The best place to get your short sale search started is here at www.SHORTsense.com where you can search for short sales by area and price range.

Minda Reves is a freelance blogger for SHORTsense.com