California which is my backyard, Nevada, Arizona, Florida and others are still reeling from houses that are underwater. Market value is as much as 60% less than what is owed on a properties. Also, foreclosure activity is far from over as we are still working things out
CAUSE AND EFFECT
In some states where you have to go through judicial procedures and have a judge sign off, it takes to long causing other problems to boot. Blight kicks in further depressing properties and current properties fall into a state of repair having a domino affect on market values. Of course the recovery is slowed by this
TRUSTEE SALES CAN MOVE QUICKER
In states where the Trustee follows agreed to in advance procedures for default, things move way quicker providing investors get off Valium, accept losses and move on. Where turnover is quicker, appreciation in values are starting to surface even though I think that is premature. To me it would more of stopping fallen prices and then celebrating stability first.
DIFFERENT RELIEF PROGRAMS
With the recent settlement of banks to make good on fraud, up to 500,000 home owners will get some relief which will help out the foreclosure problem Nationally at least. Then, Fannie Mae will experiment in selling bulk foreclosures to speed things along. That means an increase in foreclosures activities.
NATIONAL FOUNDATION WEAK
Meanwhile, America has still not found secure footing in its economic recovery. If the confidence of the American people is not addressed and then restored, our lack of spending will have the final say. In order to spend, we need jobs and the rest of the population who are employed need to feel secure about their future
REAL ESTATE ACTIVITY BUILDING MOMENTUM
Still quite a bit of work to do here....BTW, this means lots of Real Estate activity guaranteed between NOW and the projected signifcant changes. That means my fellow agents, we come up to bat more often. Let's not just hit home runs, lets get a few grand slams in there too
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