Latest real estate headlines offer more of the same
Posted by Annalisa Burgos | April 24, 2009
As far as real estate news is concerned, this week was more of the same. Foreclosure activity is up, home sales are down. And with unemployment up 8.5 percent in March, more out-of-work homeowners will have trouble making their mortgage payments.
Hopefully by now, every struggling homeowner knows there are options to foreclosure, such as a short sale, refinancing or getting a loan modification.
As Rick Sharga, SVP at foreclosure data provider RealtyTrac, explains in this interview earlier this year, three major reasons are fueling the jump in foreclosures across the country.
Meanwhile, one man’s loss is another man’s gain. Not surprisingly, investors and first-time homebuyers are flooding the market looking for bargains. Among the best cities to look? Las Vegas. Sin City had the highest rate of foreclosures of any major city in the first quarter of this year, according to RealtyTrac’s latest report.
And while existing home sales are down 7.1 percent over the past year, the National Association of Realtors says more than half of the homes that were bought in March were snatched up by first-time buyers. Hmmm, must be that $8,000 federal tax credit everyone’s talking about. Wish I could get in on that, but I bought a condo in 2007.
For tips and advice on how to work the foreclosure market, check out FrontDoor.com’s Foreclosure Buying Guide.
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RealtyTrac SVP Rick Sharga on the Jump in Foreclosures | Big Winner
August 1st, 2009 at 9:49 pm
[...] The FrontDoor blog has a great interview with Rick Sharga, SVP at RealtyTrac. In the interview, he describes three factors that are driving the increasing rate of foreclosures across the USA: Latest real estate headlines offer more of the same [...]