The historical rate of households owning homes is 68%. During the housing boom of 2003 through 2006, that number increased to 75%. The increase in home ownership had a lot to do with the expansion of credit available; specifically, bad credit risks that are now in the throes of foreclosures and short sales. According to the Mortgage Bankers Association, the delinquency rate (beginning with payments at least 30 days late) for all loans is 7.88%, the foreclosure rate is 3.30%. It would not be surprising if that figure returns to the historical average of 68%. Therefore, we need to absorb the homes owned by the folks who should not have qualified for a loan in the first place and are now exiting the ownership market and seeing their homes being conveyed as short sales, foreclosures or REO/bank owned listings. This is a tragic situation for each owner facing foreclosure of course.
We're two years into this difficult process and the good news is our housing market is going to recover and it will do so sooner as opposed to later.
If you would like a list of short sale listings or bank owned properties, please feel free to give me a call or send me an e-mail.
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.comBlogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEFView This Week's Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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