I have 248,000 houses for sale !!! WOW, what would it be like to have that many listings to service each and every day. It is somewhat an exaggeration but actually I have access to millions every day. I have access to vacation homes in the mountains, beaches, islands, overseas and anywhere that you might want to live. With rates as low as 2% for some ARM loans, now would be the perfect time to look at some investment property in a location that you never dreamed of being able to afford.
I took this picture of Los Angeles when I was flying out in January to see my daughter. As the plane was approaching LAX, as a Realtor, I wondered about all of the people who were living in these homes. How many of these people are on the verge of losing their homes and what are their circumstances ? How many of these are ” underwater“. Some people bought their homes when the market was at its highest. Some bought because lenders allowed them 100% financing with no money down. Some, who didn’t want to pay PMI, took out a second mortgage as a downpayment on the first mortgage. Some have been laid off while others have had serious illnesses that have caused financial situations. Another small percentage, are probably making their payments on time and are not in financial difficulty.
I was reading an article the other day where it mentioned that OUR Federal Government has approximately 248,000 homes for sale or rent that have government backed loans. This is out of the over 800,000 homes that have been repossessed. These are Freddie Mac, Fannie Mae and FHA loans. FHA loans were first initiated after the Great Depression when foreclosures and defaults rose sharply. Isn’t that what is happening now??? The loan modification bill that was signed by President Obama has only helped about 600,000 out of a possible 3 million that still need help.
According to an article recently by Realty Trac, ” more that 1/5 of the 3.65 million homes for sale in July were foreclosures”.
In the Charlotte MLS area, we currently have 17,495 homes that are active, contingent to close, conditional or are in the due diligence process. There are another 2387 that are pending sales to close. Since January 1, 15,051 homes have closed that are in the Charlotte area.
For more information about any Charlotte area properties, feel free to text, email or call.
Renee
704.609.4241
