On Thursday, Veros Real Estate Solutions released its
VeroFORECAST real estate market forecast for the 12-month period ending Dec. 1, 2012.
Their findings indicate “the national housing recovery will continue to be gradual and slow without any significant changes in markets.”
Veros predicts up to four percent appreciation in the strongest markets, including Fargo and Bismark, North Dakota; the Washington, D.C. area; Honolulu, Hawaii; and Anchorage, Alaska.
Veros projects the five weakest markets—which include areas of California, Nevada and Florida—to depreciate five to six percent over the next year.
While this is welcome news for the country’s strongest markets, the reality is, 1 in 5 homeowners are underwater on their mortgage. For many of them, the recovery isn’t coming quickly enough. Housing prices remain 33% below 2006 levels, so even at four percent appreciation; millions of homeowners remain in serious peril.
Homeowners do have hope. There are dignified ways to recover and avoid foreclosure. Allie Ballew with Mackintosh Realtors located in Frederick Maryland can help. She is a certified experienced Short Sale agent.
Call Allie for a confidential appointment at 301-676-2844.
Alex Charfen is quoted in a recent New York Post article on the growing popularity of short sales as a viable option for homeowners who are underwater on the mortgages.
The article references major lenders—including Bank of America, JPMorgan Chase and Wells Fargo—that are offering cash incentives at closing for distressed homeowners who successfully close on a short sale.
In many markets, these attractive incentives have helped short sales outpace foreclosures, resulting in a “win-win” situation for the banks, homeowners and community at large.
Get the inside scoop on Bank of America’s new program to increase short sale closings by 60 to 70% in 2012. Click here to watch our exclusive interview with Bank of America SVP Bob Hora!
Allie Ballew with Mackintosh located in Frederick Maryland is a CDPE with the knowledge and experience to help client s with Short Sales.
For a free confidential consultation with Allie please call 301-676-2844 or email at firstname.lastname@example.org
What is Shadow Inventory?
Shadow Inventory is Homes not yet For Sale that will come to the market in the near future.
Included in shadow inventory are Houses that are already Foreclosed on and owned by banks also known as REOS, homes in the foreclosure process and includes those homes where the owner is delinquent on their mortgage by at least 90 days.
Shadow Inventory can be found in all states and does impact your market. Banks are holding this inventory so they can show a healthy balance sheet because dumping too many distressed properties onto the market will drag down home prices and value.
Shadow inventory will impact almost every part of the country. It can come in the form of Single Family Homes, Townhomes and Condos. Contact a local Real Estate Agent and find out how it may impact your investment and when you should consider listing your property to avoid the worst effect of shadow inventory.