Posted by 101livescan on 3/6/12 9:15am
Msg #414059

Housing Market Stalled Still

Foreclosure sales outpaced loan modifications in January for the first time since October 2009, when the government's Home Affordable Modification Program was just a few months old and still gaining altitude.

So, on the news just now, it was accounced that only about 20% of people were helped with modifications in the HARP and HARM programs.

Also, any armed service persn who lost their homes in foreclosure will be reimbursed $116K by US government, as well as lost value in the property.

Our housing market is showing no signs of recovery. We need an infusion of a solid plan to get this industry back. Values are still falling nationally.

I'm still posting 20 properties a week for foreclosure sale in Santa Barbara county.

Reply by Shoshana/AZ on 3/6/12 9:18am
Msg #414060

Phoenix appears to be doing a lot better

It's a seller's market over here.

Reply by janCA on 3/6/12 10:07am
Msg #414069

Re: Phoenix appears to be doing a lot better

My RE agent told me yesterday that the average price of a home in our area went down 16% from end of December to end of February.

Homes in the $100,000-$200,000 range usually have multiple offers.

Anyone trying to sell their home in the upper range, $350,000+ usually has their head in the sand because for some reason they don't believe the home they purchased in the boom years could actually be worth %30-40% less than when they bought it. I've seen homes sitting on the market for 2+ yrs. and all the while, the home just keeps losing value.

Reply by 101livescan on 3/7/12 7:34am
Msg #414158

Re: Phoenix appears to be doing a lot better

You're right on. Housing inventory in that upper bracket is stalled. Sold a home at auction last week for $24K...just about the cost of an economy vehicle. Half million $ homes don't move that fast.