West Sacramento Short Sale Information – Market Update III

Why this Might Not be the End to the Housing Crisis Part III. West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

West Sacramento Short Sale Market Update. Why this Might Not be the End to the Housing Crisis Part III. Well we talked about interest rates and what buyers were buying and why sellers weren’t selling, now let’s wrap this up with inventory and jobs.

Jobs first. West Sacramento metro-plex unemployment still stands at 10% +/-. Until it gets to 8% or better we will not see any appreciable long term real growth. This temporary uptick will last as long as the investors are in. Once they pull back, and they will, we will be right back where we were before they came into the market. Jobs are key to any economic growth.

Now inventory. We talked last time about why sellers weren’t selling now let’s talk about shadow inventory. I’m not talking about property that has been foreclosed on and not released. There is much less of that than you would think. What worries me is, again in the greater West Sacramento Metro-plex, there are nearly 22,000 homeowners who are seriously delinquent on their mortgages. That’s 91+ days DQ. The cure rate is about 5%. That means that there are right at 21,000 homes that need to be either short sold or foreclosed on for the market to recover. That represents about an 18 month supply of homes. That does not even take into consideration the more than 190,000 homeowners who are underwater.

So what to do? If you have equity and want out or to move up, do it now before it is too late. If you are a buyer, be patient your turn will come and you’ll get that home of your dreams eventually. It may take several moves, but you’ll get it if patient enough. And if you owe more than your home is worth by 15% or more, take advantage of the favorable tax laws and get out while you can. The government is not going to bail you out. Take your hit before you have to pay income taxes on the forgiven debt and start fresh.

I certainly hoped this helped. Again it’s my opinion based on the market conditions and having seen and survived several market corrections in the last 10 years.

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.