While 1 in 4 homes in the US is thought to be worth less than the mortgage held the situation is much different for our neighbors to the north – Canada. I recently heard a statistic that put our current housing mess into perspective. In 2010 there where more foreclosure notices sent out in the state of California than where sent out for the entire county in 2005 (as I had heard on a MarketWatch podcast last week). Wow! Read more
A buzz word floating around the real estate world these days is ‘strategic foreclosure’. These foreclosures are not done because homeowners are facing hardship, forcing them to turn their keys over to the bank. No, these are homeowners that can afford to make their mortgage payments while watching their home values plummet and they now owe much more than their home is worth.