Happy New Years! It May Be A Bumpy Ride.
“The important thing is to learn a lesson every time you lose.” — John McEnroe, tennis champion
Four reasons why 2010 will continue to have challenges in the real estate markets:
1.) This is the year many Option ARM will reset.
2.) There is an ongoing collapse of the commercial real estate markets.
3.) Maybe the most important, Municipals defaults! Our cities and towns are running out of money.
4.) Loan Modifications are not working. Homeowners who see their homes valued $100,000 less than what they owe are more inclined to send in “Jingle Mail” to their lenders…that means send in keys and move out.
What is the culprit behind this? Unemployment! Marisa DiNatale of Moody’s Economy.com says “We think the extent of unemployment is the greatest risk to recovery. There is a lot of uncertainty surrounding policy next year. Firms are reluctant to hire until they know what fiscal policy is going to look like.” A wind down of government stimulus programs also presents a wild card of sorts for 2010.
If you know someone who owes more on their homes than what they are worth and they can’t sell it would you please tell them about this informative pamphlet found at Stop Foreclosure In San Mateo County? Or, they may call 24/7 to listen to a message that may help them. Call today, 650-568-1344.