Feb

9

Real Estate Foreclosures: Solutions?

Filed Under Buyers, Sellers, Sellers & Buyers |

I’m going to provide a link to inman news that features John H. Vogel, a professor of real estate at the Tuck School of Business at Dartmouth. Professor Vogel describes the housing market craze and the subsequent foreclosure challenges we find our communities facing today. With over 72,000 homes being foreclosed on in November of 2007, this is an issue that we simply cannot afford to simply ignore.

Some of the statistics are shocking.

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With a 93% increase in total filings over the previous year, it’s safe to say that this is a problem that needs to be addressed. Keep in mind that with every foreclosure that occurs in your neighborhood, the equity loss in your home will be about $10,000…per foreclosure. The national average is $5000 in instant loss of equity with a neighbhorhood foreclosure. Here on Long Island it’s double due to our higher pricing index.

Click the link below. This is the inman news interview with Professor Vogel. He discusses some points I’ve made in past articles about the real estate market and how the steepest rise in home values from 1995 to 2004 is a phenomenon that the real estate market has never witnessed, dating back to 1890, when statistics on the market began to be compiled. Here’s a link to the real estate roller coaster. If you haven’t already sat for a few minutes and seen this, click this link first before going on. This will give you an idea of what we’re facing now. So click it now and watch. Then come back and read the rest of the article.

Now does the saying, “What goes up, must come down”, ring a bell?

Click here for the link to Professor Vogel. His comments on the market and some proposed solutions may be something you want to write your local congressman about. We’re all in this together and if we want to get through this, we’re going to have to be neighbhors again and step outside and smell the coffee.

If you are facing financial difficulties at home, whatever you do, do everything you can to pay your mortgage. This will help you if/when you need to contact the bank in order to discuss your options. If you need help in negotiating with the bank on the sale of your home, please do not hesitate to contact me. Paul Musso and I specialize in short sale negotiations and we also work with investors who may purchase your home, straight up with no funny business like take ownership of your home to “help” you clear up your credit. Whatever you do, do not under any circumstances get involved with anyone or in any deal without having consulted a real estate attorney.

For a free market analysis of your home’s value, please call 631-587-1700, ext. 51 or you can call toll free, 1-877-SOLD-123 and ask for me.

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron


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