The second quarter of 2010 there are 4.57% of the homes in the United States in foreclosure. The number of homes in default that are late in making the payment after 30 days is 9.4% . The total number of homes that are distressed properties are 6,216,650 and a total of 3,830,000 are predicted to make a sale. These numbers are staggering considering unemployment remains at 9.5% and an election is coming in the next 60 days.
When will you see a change in your market or better yet on your street? The number of homes in the greater Austin Multiple Listing Service MLS dropped over 800 in the last 2 weeks. These are homes the seller said lets lease and wait for a better market.
There are still pockets and communities that are on fire while others are holding a bakset of fruit that is spoiling. It is my estimate that the majority of Austin Texas will see a flat market for the next 2 years and sales will remain very low. For instance, Spicewood Springs that is in the Lake Travis school district and the 78669 zip code has 122 homes for sale and 12 pending sales at this time along with only 5 that sold and closed in August. There was 9 in July and 11 in June and this leaves a 24 month inventory of absorption.
The Dripping Springs community has 269 homes for sale and 48 pending sales and only 30 sold in August and 25 in July. There is still 9 months of inventory left and it seems that all sellers are very anxious to just have a buyer walk through their home.
If your considering a move call me for a report that will get you more money and in less time than to just have your home sit on the market and have no activity at all. Our direct line is 512-794-6635 and a Short Sale is far less damaging to your credit than a foreclosure or deed in lieu of. Most homes that get foreclosure never even went on the market. Don’t make a mistake that will loom over you for 10 years.
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