Latest Housing Statistics Appear Grim
Last week we talked about the waning home sales in America. They fell 30% from May to June. Those videos were filmed on Monday, July 5th and ever since that time there have been tons of articles supporting what we are saying.
To begin with, if you took our episodes last week to think that you should run and hide from this situation, you are entirely wrong. We share this information with you so that you can face this market head on. We’re merely trying to be realists and move our strategy as the market changes.
One editorial comments that the US economy appears to be in turmoil as the effects of government stimulus are already wearing off. Also worth noting is that a double dip recession is highly doubtful due to past precedents. Yet, Kevin wonders aloud how we can have a double dip recession if our economy never improved. The economy has constantly been bad. Also mentioned in other writings was the national mortgage deliquency rate. It rose to 9.2% in May, up 2.3% from a month earlier and up 7.9% from a year before. This makes you conjecture how mortage deliquencies are going up, but there was a spike in our economy.
When we read writings like this, understand that there is an opportunity to help people out. Don’t run and be worried. There will always be purchasers and there will at all times be sellers. People have to have a house to live in. Every house is saleable at the appropriate price.
It is crucial to note that the non-current mortages are in reality at a 12.4%. That is awful, because the historical standard is close to 1%. One other distinguished statistic to note is that the average quantity of days elapsing between when a mortgage becomes 30 days deliquent to foreclosure auction reached a record high of 449 days. So, from the time that a home owner is a month late in payments, they are not losing their home for 14 months on average.
We will also be teaching a Short Sale Crush It session that continues to get better. Preregister for that August 13th class at shortsalepowerhour.com
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