2011 May Be the Year of the Short Sale

For the life of me, I cannot see anything in the HAFA guidelines that contributes to Short Sales, with the possible exception of $3000 to some sellers who qualify.  However, the guidelines regulate and exclude more transaction than they benefit.

With HUD involved, the seller must go through a modification attempt which contributes to the delay.

Finally, giving a bank 30 days to respond doesn't help.  What does respond mean????

I think you're right on, I hope there is a better response period in the works.  We are starting to see a few more short sales in our market, but still we seem to have skirted this phenomenon in the degrees that other markets have experienced.

John.. some good info... but as you said, only time will tell. I have been very leery of most gov't programs in the last yr. So many are either not though through and or are just smoke screens, making us think that the gov't is trying. But it is good to see that they are trying to change things up.

John: We've really seen in a pickup in the number of foreclosures hitting the market here in the Des Moines area in the past two months. I suspect as you assert that we'll see an even great uptick in 2011.

John,

This housing crisis is going on way too long. This is not good for the economy. In Toronto and the GTA, prices and volumes are strong, in fact, higher than ever before.

I suppose that we actually never built the number of additional housing units that created an oversupply.

Brian

There is only an excess of housing inventory because folks cannot afford to live in a house or own a house - so many are living with relatives instead....  If the economy was still good, there would be no excess.