Today, home foreclosures and short sales are an unhappy fact of life: Approximately one in every 136 homes in the United States are in foreclosure, according to a report by RealtyTrac Inc. The news is only expected to get worse: With record unemployment, foreclosure filings are expected to hit 3.5 million homes this year, up from more than 2.3 million last year.
The high foreclosure market has lowered property values around the country and ruined the American Dream for millions of homeowners. But foreclosures don't have to be the final solution for homeowners who have defaulted on their mortgages. If you're a homeowner who needs to sell, but owes more on your home than what it's worth, a short sale may be a good option to salvage your credit and sell your home.
The high foreclosure market has lowered property values around the country and ruined the American Dream for millions of homeowners. But foreclosures don't have to be the final solution for homeowners who have defaulted on their mortgages. If you're a homeowner who needs to sell, but owes more on your home than what it's worth, a short sale may be a good option to salvage your credit and sell your home.
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I'm a paragraph. You can change my font, size, line height, color and more by highlighting part of me and selecting the options from the toolbar. A home is the smartest investment you'll ever make. In today's market, a purchase of a pre-foreclosure home today will produce plenty of equity in the years to come.
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