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Southwest Florida Real Estate Blog Under the water under the Boardwalk
Southwest Florida Real Estate Blog Under the water under the Boardwalk
Todays is : Monday, 06 February 2012
| Under the water under the Boardwalk |
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| Written by Greg Snow |
| Wednesday, 04 February 2009 15:54 |
 Repossessed homes and short sales make up a large percentage of sales in many real estate markets. CNNMoney.com /February 3, 2009: NEW YORK (CNNMoney.com) -- Real estate values around the nation have collapsed, and sales of foreclosed and "underwater" homes now dominate many housing markets, according to a report released Tuesday.The report, from Zillow.com, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.In Merced, Calif., 53.4% of sales were foreclosures and 4.8% were short sales. In nearby Stockton, 51.1% were foreclosures and 5.4% were short sales.In the United States, 17.6% of all homes are now underwater, according to Zillow, as are 41.2% of all mortgages for homes bought in the past five years.In Las Vegas, 61.4% of all homes are underwater."More value was wiped out in the fourth quarter of 2008 than was eliminated in all of 2007," Humphries said. In the United States, 17.6% of all homes are now underwater, according to Zillow,
With almost one third of sales in the U.S. either bank repossessed or short sales, how do we get back on track to get the housing market appreciating again? Forgive outstanding debt over current market value? Incentivize the heck out of borrowing or taxes or home ownership? Nationalize all the banks? At least our area has wonderful temperature and clean water, so if the destination is still a target for the Boomers, prices certainly relfect deals her.
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