New Housing Figures Appear Dismal
Last week we talked about the waning house sales in America. They fell 30% from May to June. Those videos were filmed on Monday, July 5th and ever since that point in time there have been tons of articles supporting what we are saying.
First, if you took our videos last week to think that you ought to run and hide from this state of affairs, you are totally wrong. We distribute this information with you so that you can face this market head on. We’re just trying to be realists and move our approach as the market changes.
One piece notes that the US economy appears to be in turmoil as the effects of gov’t stimulus are already wearing off. Also worth noting is that a double dip recession is highly doubtful due to past precedents. Still, Kevin wonders aloud how we can undergo a double dip recession if our market never improved. The economy has consistently been horrific. Also mentioned in other writings was the national mortgage deliquency rate. It grew to 9.2% in May, up 2.3% from a month previous and up 7.9% from a year before. This makes you wonder how mortage deliquencies are going up, but there was a spike in our economy.
When we scan articles like this, understand that there is an opening to help citizens out. Do not run and be frightened. There will at all times be buyers and there will always be sellers. People have to have a dwelling to live in. Every house is saleable at the proper price.
It is important to note that the non-current mortages are actually at a 12.4%. That is awful, because the historical average is close to 1%. One other great statistic to make a note of 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 behind 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 session at shortsalepowerhour.com
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