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How will the value of YOUR home be impacted by the current economy?

Distressed HomeOur current economic difficulties have wreaked havoc on millions of households across this country. We all have either heard or read about families losing their homes to foreclosure. Obviously, that is a critical challenge at this time in history.

However, I am not sure we realize that these tales of heartache not only effect the home that was lost but also impacts the neighborhood around that house. As more and more houses come to the market as distressed sales (discounted pricing), the value of homes in that area are driven down. We must also take into consideration that these distressed sales are no longer limited to certain states or certain regions in those states.

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Strategic Defaults

For the last few months, I have been discussing that more and more homeowners are actually 'strategically' defaulting on their mortgages. By that I mean that some homeowners that have the financilal capability to pay mortgage have just decided not to. Northwestern University teamed up with the University of Chicago to study this situation. They came to the conclusion that

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How well are modifications working?

“The Treasury expects ‘millions of foreclosures’ even if the Home Affordable Modification Program (HAMP) is a total success.” - Herbert Allison, US Treasury’s assistant secretary for financial stability We have to realize that, though the modification programs are helping many families, the number of foreclosures and 'short sales' will continue to mount. Here are the numbers: 2,484,783 homeowners have requested

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High End Foreclosures

For several months now, I have been alerting agents to the fact that this economy is starting to attack even the high-end seller. As I watched delinquencies dramatically increase in the sector of prime mortgages (good FICO score, good job, good downpayment), I realized that foreclosures in this sector could not be far behind. Well, yesterday, the World Street Journal

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Top 5 Tips for Buyers of Distressed Properties

Managing the expectations of our customers in the process of buying a distressed property is crucial in today's market. I found these tips in the Wall Street Journal and have added my thoughts on each.

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