Short sales and foreclosures continue to affect housing prices across the nation. Housing prices in the United States dropped over 5 percent during this past year. Experts believe prices will continue to fall because of distressed property sales such as short sales and foreclosures. Short sales occur when a homeowner cannot afford their mortgage and the bank agrees to let them sell the home at a loss. This means buyers get the property at a discounted price. Foreclosures usually sell to the highest bidder, and banks are more and more likely to take what ever price they can get. These discounted sales make it difficult for homeowners to sell their properties any where close to market value. Nationwide, housing prices fell almost 2 percent from the previous month. While this does not sound like a big drop, it is much higher than experts expected. As foreclosures and short sales (often called distressed sales) continue to flood the market with under priced homes, other homeowners are finding they are losing property value. This continued trend does not seem to be changing, which makes selling property increasingly difficult. . If you are having trouble making your mortgage payments, short sale may be an option to keep you out of foreclosure. While your lender must agree to the sale, it will allow you to get out of your mortgage while protecting your credit from a foreclosure. Contact a Jacksonville foreclosure lawyer if you think that a short sale might work for you. Home values continue to drop as foreclosure and short sales undermine other real estate prices. These types of sales are known as distressed sales and are sold far under market value. The number of distressed sales through out the nation continue to rise according to the National Association of Realtors. As distressed sales continue to rise, home prices will continue to drop. The average price of a home in the United States is currently the lowest it has been in the past decade. From 2009 to 2010, the average price dropped nearly six percent. Short sales are often used by homeowners who are in financial distress and cannot afford to make their mortgage payments. The homeowner then applies for permission with their lender to sell their home at a discount, which results in a deficiency. In most cases, the lender will agree to discharge the remaining balance of the mortgage and allow the homeowner to walk away from their home free of debt. This results in a better financial outcome for both lender and the owner. If you think that a short sale might help you avoid foreclosure, contact a foreclosure lawyer. A Jacksonville foreclosure lawyer can help you through the steps of applying for a short sale. Links: Home Prices Slid 5.7% in February From Year Earlier, FHFA Says by Kathleen M. Howley, April 21st 2011
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