Short Sales, Foreclosures and Modifications.

dirktherealtor

One of my first blog posts way back in December was about the current phenomena that is sadly STILL hitting the housing market and families hard.  Short Sale, foreclosures, modifications, and sheriff sales are all part of the sad result of a troubled housing market trying to “correct itself”.

Past Post specifically on Short Sales: http://wp.me/p24GVW-1x

You might wonder what I mean by “correcting itself”. What I mean is that previously before the “busing bubble”, properties were selling like hotcakes at Denny’s.  Their prices went up higher and higher because more people wanted houses and mortgage companies were happy to oblige.  So, house prices skyrocketed, mortgage companies and banks agreed to write loans for them and happy new home owners “agreed” to pay. Next, those loans that home owners agreed to pay changed to sometimes be more expensive than they initially started.  When banks began the process of getting these houses…

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