The Wall Street Journal reports:
“Sales of previously occupied homes in the U.S. sank by 9.6% in February and prices fell to the lowest level in nearly nine years, indications that the market remains depressed.
Existing-home sales decreased from a month earlier to a seasonally adjusted annual rate of 4.88 million, the lowest level since November, the National Association of Realtors said Monday.
The results were worse than forecast. Economists surveyed by Dow Jones Newswires had expected home sales to decline by 3.9% to an annual rate of 5.15 million.
The results called into question whether the U.S. housing market is recovering or falling further.”
Geez, we could have told them that. That’s why, in part, C.A.R. published its “open letter” to the lenders urging them to get off the dime and get short sales approved more quickly. Hmmm. I wonder if anyone out there is listening?
I believe that a foreclosed can have a significant effect on the applicant’s life. Mortgage foreclosures can have a Six to few years negative relation to a debtor’s credit report. Any borrower who has applied for home financing or any kind of loans for that matter, knows that the actual worse credit rating is actually, the more hard it is to get a decent financial loan. In addition, it could possibly affect the borrower’s chance to find a decent place to lease or hire, if that gets the alternative homes solution. Great blog post.
Thanks.
It is true that many will have a difficult time adjusting. Many more, will not. Credit can be restored. The world will return to “normal.”
Your publishing is wonderful and gives food for thought.