Idaho Short Sales and Foreclosures - Where are we headed?
I recently attended a class held by an employee of Indymac Bank that has worked in the Loss Mitigation or "Short Sale" department of Indymac for 18 years. This speaker is the second speaker in 2 months to tell us that ARM loans will continue adjusting through 2010. The instuctor stated that 5/1 ARM loans made in 2005 will have their final reset in 2010. This instructor stated that these resets will certainly cause more homeowners to face a Short Sale or Foreclosure unless something drastic happens in the financial markets.
In an article written by "Market Watch" the article states that in the coming months and years, the credit crunch that's now squeezing mainly the poor is likely to hit millions of middle-class homeowners who took out risky loans during the great housing boom early in the decade. The article goes on to state that more than 1 million families will loose their homes in the next few years by one estimate and another study predicts 2.2 million foreclosures will hit our market in the months and years to come. Read The True affect of ARM Loans on the Housing Market.
I subscribe to a service that emails me all the NOD's or "Notice of Defaults" which is the beginning of foreclosure. These recordings are increasing in numbers weekly and have been doing this for most of this year. All this supports what Market Watch is reporting.
I encourage anyone that is uncertain about their loan or feels uncertain about their ability to make their future payments to not wait to take action. I am a "Certified Short Sale Specialist" and my goal is to assist homeowners that are struggling with their home loans. In the class given by the employee of Indymac I learned how to expidite Idaho Short Sales to give you the best chance of executing a successful Short Sale in Idaho. I can answer all your questions about every facet of the Idaho Short Sales Process.
If you are looking to buy a home the choice of affordable homes available to you is currently the best I have seen in my 28+ years as a real estate broker in Idaho. There are over 900 homes in the Southwest Regional MLS of Idaho that are identified as Idaho Short Sales and the number of foreclosures are growing as I have referenced above. Contact me at the phone numbe or email below or begin your own search at Idaho Real Estate Search
Call me at 208-880-2333 or email me at george@tallabas.com with any questions.
All my best