Almost two years ago when the Real Estate Market started its downturn we were all taken by surprise. Of course, I was upset and shocked at how fast the Market changed.
I did not have clients get sub prime loans so until this change I didn't know what they were. My understanding was that people had over extended themselves, which in many cases was true, and that was the total problem. It's amazing how one can change their views in a brief span of time.
But now, short sales are touching everyone with all types of loans.
My husband and I use to move about every 3 1/2 years due to a job transfer. We didn't think to much about it as far as changing homes. We simply put our house up for sale and moved onto the next. In most cases we had a nice bump in our appreciation. Those really were the good ol' days.
Those that are faced with job transfers now and own a home are faced with much more turmoil than we did. More than likely, if they own their home it is probably worth anywhere from $100K, 300K or more less than what they owe on it. What else can these folks do but sell by short sale. Not a lot of us can write that type of check to close escrow.
If the banks would have the same understanding that I do, maybe they would move these sales along. For the sake of our economy it is time they did.
Monday, December 28, 2009
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