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Old 04-27-2010, 10:41 PM   #1
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If You Are Going To Sell Your Stick House....

Do it within the next year.
H.R. 2454
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Old 04-28-2010, 06:26 AM   #2
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Quote:
Originally Posted by Wayne M View Post
Do it within the next year.
H.R. 2454

I am certainly against the Cap and Trade Legislation, however, as passed, it does not contain the original requirement to upgrade your home before you can sell it, those provisions were removed prior to passage. It does however change the requirements for new construction. This will certainly increase the price of new housing. It may even help when your competition for selling your house is a newly constructed home, which would provide you with a pricing advantage. (if one exists in todays market. See link below!

http://www.realtor.org/wps/wcm/conne...&LID=RONav0019

If you are going to sell your home in the very near future, the time may be now for another reason. There is currently a 7 month inventory of homes for sale. The largest percentage of home sales are either short sales or foreclosed mortgage sales, both of which contribute to the decline in home prices.

Banks realize that the large number of homes in the inventory is further depressing prices. This price depression and temporary increase in home sales have been clouded by recent government programs for tax credits for purchases. The banks have actually stopped foreclosing on homes to prevent an increase in inventory and slow further downward price depression (hurts them, not because they are good guys).

The above described conditions mean that the banks are holding what is refereed to as shadow inventory. Shadow inventory is comprised of the homes that would normally be foreclosed or will be foreclosed. That inventory represents another 3.5 years worth of home sales. If you think things are bad now, wait until the real inventory is released and goes to 3 or more years worth of active inventory. When that happens home values could take another huge hit to their value.
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Old 04-28-2010, 11:02 AM   #3
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The above described conditions mean that the banks are holding what is refereed to as shadow inventory. Shadow inventory is comprised of the homes that would normally be foreclosed or will be foreclosed. That inventory represents another 3.5 years worth of home sales. If you think things are bad now, wait until the real inventory is released and goes to 3 or more years worth of active inventory. When that happens home values could take another huge hit to their value.
I understand that there are 5 Year ARMs that may adjust soon and further add to the foreclosure problem. Is that true and is it factored into your warning?
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Old 04-28-2010, 11:21 AM   #4
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No it is not factored in. Most 5 year ARMs will actually roll to lower rates than they are currently set at, unless it was a 5 year ARM with a balloon at the end of the 5 years. Most banks are reluctant to foreclose on an ARM if they are making their payments. The shadow inventory only includes homes that qualify for foreclosure and not foreclosed and those that are at least 3 months behind in mortgage payments.
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Old 05-16-2010, 05:45 PM   #5
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In Las Vegas, NV the shadow inventory is so big, mortgage companies, banks, etc,. don't know what to do.
The federal bailout adjustments just made things worse.
Las Vegas is a great place to live. Now may the time to buy.
I've always had a good outlook on the future, but this out of control government spending is just making things worse. Where the heck is self reliance and pride?

Kerry
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Old 05-16-2010, 05:58 PM   #6
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As I was growing up, my Dad had a favorite saying: Don't write a check your @$$ can't cash! Not necessarily meant financially, but it's to bad the current administration doesn't understand the concept...
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