Michael Sells The Bay

According to an article posted yesterday on BLOOMBERG, the U.S Home Foreclosure rate climbed to a new record high in April of this year. For details see my last post.  According to the BLOOMBERG article: "U.S. home foreclosures climbed to a record in April, a sign that government mortgage relief efforts have yet to turn the tide of property seizures, according to a report by RealtyTrac Inc. “Right now it appears that the banks are focusing on processing the loans already in foreclosure, and slowing down the initiation of new foreclosure proceedings as a way of managing inventory levels,” Rick Sharga, RealtyTrac’s executive vice president, said in an e-mail. “We’ll probably see this trend continue for a while.” Bank repossessions rose to 92,432 in April, up 45 percent from a year earlier, Irvine, California-based RealtyTrac said today in a statement. Foreclosure filings, including default and auction notices, fell 2 percent to 333,837. One out of every 387 households received a filing." What will this do to the housing market on the SF Peninsula is anyones guess, but I would expect to see prices drop again, perhaps even lower than they were in last fall and winter. Understanding that the housing market in the region is rather insular, one cannot ignore the fact that with lower prices, it just makes sense to invest in your future at bottom market prices. Just do so with your eyes wide open and understand that this is going to be a long term investment, and expect a 10-12 year recovery window. Look around you and consider this fact - One in three California home owners owes more than their home is worth. If you need help in a Short Sale, or wish to sell before you end up in Foreclosure, call me TODAY and lets discuss my tried and proven methods for selling your home faster and for more money than expected... even in this economy! Michael Thomas Realtor, E-Pro Keller Williams Realty Palo Alto, CA Menlo Park, CA 650-206-9225