Unfortunately short sales are not going to be going away anytime soon. Some of the data that supports this in California. As of today California is tied as the state with the highest unemployment. Until people can afford a mortgage the housing market will not really take off.
On a national level some statistics:
- 10.5 million, or 21.5% of all properties with a mortgage, remain underwater.
- Of the 38.1 million properties that remain in positive equity, 11.3 million have less than 20% equity.
- Nevada had the highest percentage of properties with mortgages in negative equity, roughly 52.4%.
- Florida followed with 40.2% in negative equity.
- Arizona 34.9% are negative.
- Georgia and Michigan have negative equity rates of 31.9% and 33.8%, respectively. These five markets alone account for 32.7% of all homes in negative equity across the U.S. Source: Core Logic
Some additional data
2.3 million homes represented in “Shadow Inventory” (7-9 month supply, $376B, down 12% from 2011) (CoreLogic as of Oct 2012)
Shadow inventory represented 85% percent of the 2.7 million properties that are seriously delinquent, in foreclosure or in REO (CoreLogic as of Oct 2012)
2.4 million additional borrowers are 30-60 days late and are not included in the shadow inventory numbers. (via LPS Monthly Monitor Report Dec 2012)
Est. 440,000 short sales in 2012. 1,000,000 expected in 2013 (Daren Blomquist of RealtyTrac)
If your lender does not want to work with you on a reasonable loan modification and you feel a short sale is your best option. I would like to meet with you to help you understand your options for your situation.
Short selling a home can be a challenging process that requires experience and expertise. So, you need to ensure yourself that you have a Short Sales Specialist who can communicate efficiently with you as well as your lender. Additionally, they must fully apprehend the entire short sale process and be capable of efficiently closing the deal. With that said, I am a Short Sale Specialists in Temecula, CA that has extensive experience with successful completions of short sales. I strongly encourage you to contact me and let me help you get on the right track! I have helped homeowners throughout South West Riverside county and Orange County work through successful short sales.
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