The New Face of Foreclosure
In a report issues on Thursday of this week, the nation’s foreclosure rate doesn’t seem to be slowing at all. Over 75% of metro areas across the country have reported increased foreclosure rates. The reason? It’s not the plague of hybrid or wacky loan products that have dominated previous years – it’s unemployment.
Metro areas like Las Vegas are still topping the foreclosure rate list with 1 filing for every 15 households. The city’s unemployment rate is currently reported in the 14.5% range. Cities in Florida, California and Arizona are also topping the lists.
Depending on which part of the country you’re in, this has several effects on you as a homeowner or potential buyer.
Effects for homeowners
- Lower comps in the area, lowering your home value
- Vacant and unkempt properties on your block
- Unattractive market for selling your home
Effects for buyers
- Plentiful inventory and time to make decisions
- Ability to acquire investment properties at favorable rates
- Room for negotiations on non-foreclosed homes
If you’re in the market on either side, sit down with your Realtor and discuss the best strategy for getting you where you need to go in the current market climate. And if you need to take a break from house hunting or honey do’s and you’re in our neck of the woods, check out our local events calendar for Ouray, Ridgway, Telluride and Montrose. We’d love to see you out and about!
Tags: foreclosure, Home Selling Tips, housing news
