The California Association of Realtors released their "2009-2010 SURVEY OF CALIFORNIA HOME SELLERS”. The report showed that approximately 67% of all California home sellersthat were able to sell their house in this market sold their homebecause they had an inability to meet their mortgage obligations. Inother words, they couldn't afford their house. Whether it be due to avariable rate mortgage that was resetting higher, a job loss, sicknessor just the fact that they overextended themselves, the majority ofthose homesellers basically HAD to sell.
The 67% figure includes standard sales as well as short sales. The interesting fact with this report is that the Obama administration hasonly recently begun making steps to help homeowners avoid foreclosurethru their H.A.M.P. and H.A.F.A. programs.
Other figures in the report showed that 63% of homes fell out of escrow prior to closing. Of those fall outs, 70% had buyers who couldnot get acceptable financing and 26% were due to "buyer's remorse". Ofthe homes that finally did close escrow, only 50% closed on time.Meaning 1/2 closed late!
With the help that the government is providing with their short sale incentive programs, many homeowners facing foreclosure now have optionsto avoid the devastating affects of a foreclosure. And that's goodnews for Realtors who specialize in Pre-Foreclosure options.
By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available toavoid this devastating occurrence. And know that there is someone hereyou can trust to help. As a Certified Pre-Foreclosure Specialist,I understand the ins and outs of Short Sales and Loan Modifications. Iam also a Wachovia and World Bank trained Pre-Foreclosure expert andwell educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.
CLICK HERE TO AVOID FORECLOSURE
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