This probably won't come as a surprise to the many Realtors and investors reading this e-mail, but RealtyTrac announced today that US foreclosure filings were up 71% in the third quarter over the same period last year. Almost 766,000 homeowners had a sheriff show up at the door and with a foreclosure complaint in hand.
Six states made up for nearly 60% of the list: Arizona, California, Florida, Michigan, Ohio, and Nevada. If you think for a moment that short sales and REOs are just a 2008 event you're crazy. This will continue well into 2010 as the market absorbs the inventory that is just now coming online... Alan Greenspan, famous for his "irrational exuberance" comments that took the air out of the Internet bubble, now has a new moniker he'll be known for: "Credit Tsunami." Greenspan testified before Congress this morning and told lawmakers that he was in a state of "shocked disbelief" over the extent of the credit crisis and the credit tsunami that has ensued.
The former Fed Chairman said that the key to relief will be stabilizing home prices, which he doesn't foresee happening for "many months in the future." "Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment," Greenspan said. "Fearful American households are attempting to adjust, as best they can, to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity."
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.
Central A/C
0 comments • Jerry LaRose, Realtor, Short Sale Expert Orlando, Florida Real Estate Expert • October 23 2008 10:30AM
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