This Sucks. Bad July Numbers. Seller’s Feeling It.

Posted on September 2nd, 2010 in All Articles, Financing, Market Conditions, Short Selling/Buying.

Ok… It’s settling in. We have all heard the reports that unemployment might… just MIGHT get back down to 8.5% before the 2014 Presidential elections. Wow.. that’s grim.
And when someone asks me when housing is turning around… the prevailing truth there for them … without me answering is that it’s gonna be awhile.

The truth, I think is, and this is the cumulative effect of too much NPR, reading too many of the banking periodicals like DS News, and spending way too much time on Chicago’s Agent Metrix program doing cool charts and graphs and trying to look like I know it all… is that… we don’t know.

But one think I think I do know is that unemployment is going to have to get better to push housing up. So that’s my time frame. So those of you who have to MOVE and have NEGATIVE EQUITY have choices to make. Do you rent and try to break even or cash flow or lose 5k a year in negative cash flow… ???

To discuss your options call me. I have some ideas.
Now for the real good news… July’s numbers…right out of Washington last week with my ALL CAPS COMMENTS>

Washington, August 24, 2010 THE PLACE OF ALL TRUTH

Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®. THEY ONLY GAINED .7 PERCENT SO THAT’ PHRASE “Continued to gain” IS PROPOGANDA. THE POINT IS THAT 30 PERCENT FEWER BUYERS ARE SHOWING UP TO SEE PROPERTY RIGHT NOW. THAT SUCKS.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995. THIS PROBALY MEANS IT”S AS BAD AS IT WILL GET>>> BUT IT IS NOT GETTING BETTER SOON. WE ARE AT BOTTOM BUT HERE FOR AWHILE>

Ok.. so if you want to short sell, buy, or sell.. or just talk real estate sporty talk that’s my thing…

Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation. When we talk, I will explain how each process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.