Last week we chatted about the declining home sales in America. They fell 30% from May to June. Those videos were filmed on Monday, July 5th and since that time there have been a lot of articles supporting what we are saying.
To begin with, if you took our videos last week to think that you ought to run and hide from this situation, you are completely wrong. We impart this information with you so that you can be in front of this market head on. We’re simply trying to be realists and shift our approach as the market changes.
One article notes that the US economy appears to be in turmoil as the effects of government stimulus are already wearing off. Also worth noting is that a double dip recession is extremely unlikely due to historical precedents. Nonetheless, Kevin wonders aloud how we can take part in a double dip recession if our economy never improved. The financial system has constantly been appalling. Also mentioned in other articles was the national mortgage deliquency rate. It rose to 9.2% in May, up 2.3% from a month previous and up 7.9% from a year before. This makes you question how mortage deliquencies are going up, but there was
When we peruse writings like this, recognize that there is an opportunity to help citizens out. Don’t run and be terrified. There will at all times be purchasers and there will at all times be sellers. People have to have a space to live in. Each home is marketable at the appropriate price.
It is critical to note that the non-current mortages are really at a 12.4%. That is awful, because the historical average is close to 1%. One other great statistic to note is that the average quantity of days elapsing between when a mortgage becomes 30 days deliquent to foreclosure sale reached a record high of 449 days. So, from the stage that a home owner is a month late in payments, they are not losing their home for 14 months on average.
We will also be teaching a Short Sale Crush It class that continues to get better. Preregister for that August 13th class at shortsalepowerhour.com
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