January is just buzzing with activity but stability abounds. Although the numbers really don’t show it, most REALTORs I talk to say things are really busy. Just look at the pending listings; in December we had 460 and in January 516. We see buyers looking for the right deal and we’re trying to get those short sales approved through lenders. Interest rates are creeping up though, which may keep buying in check.
I am concerned that we are seeing little slowing in the number of foreclosures and short sales coming on the market. The market won’t truly turn around until this happens. We are seeing fewer short sales. The reasons could be many! More sellers, agents and lawyers are understanding the different processes and ensuring that “short sellers” are truly qualified for a sale. Just being underwater on your loan does not constitute a hardship.
I’m very concerned hearing about the current legislation regarding putting a moratorium on foreclosures and requiring lenders and sellers to go through a 5 month mediation process. I’m sure there are a few people out there that this may benefit but for most it will just delay the inevitable and take more people down in the meantime. I do hope that lenders will consider this when processing short sales in that it will save them 5+ months being tied up in foreclosure processes! If you are facing foreclosure, make sure to understand your options. As a certified Short Sale and Foreclosure Resource, I can help you make the best decisions.