Real Estate Recovery or More Problems (Short Sales and Foreclosures)?
According to this RISMEDIA article, 59% of Home Buyers Rely on Low Down-Payment Government Mortgages, of all the home sales that have occurred in 2009, 59% of all buyers relied on low down payment government financing programs, which the article defines as "FHA, VA or USDA financing programs with 96.5% to 100% LTV."
Some people would look at the slight increase in home sales and see only positive things. However, my view is that this is further proof that the real estate market still has not settled into a bottom since the housing market needs these artificial government financing programs in order to prop up home prices. In my opinion, this will lead to more distressed home sales as homeowners who purchased their homes with these financing programs lose their jobs, just realize they cannot afford their homes and/or realize that the values of their homes are less that what they recently paid. As a result, there will be more homeowners who will need loan modifications, and there will be more short sales and foreclosures.
If you are a homeowner in Middle Tennessee who cannot pay your mortgage payment(s) (i.e. due to losing your job, having your income reduced, illness, health problems, etc.), or your home is already in foreclosure, or you owe more than your home is worth, please contact me to discuss your options including a loan modification or a short sale. I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I serve real estate owners, homeowners and investment property owners in Rutherford County TN, Williamson County TN, Davidson County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN and Belle Meade TN. If you do need to short sell your home (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home), or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.