Rumor has it that in the area where I live, a smaller community that just came about around 2006, every single home sale is either a short sale or a foreclosure.
And the truth is that not “every” home sale has to be a short sale or a foreclosure, there are those few people who either had huge down payments or paid cash outright. Of course, those people are probably few and far between, if they exist at all.
But prices have plummeted, much like most other part of the country.
A recent article from the Las Vegas Review-Journal claims that short sales in the area are taking more than a year and sometimes as much as 18 months just to get approval to close.
The banks need appraisals, broker price opinions and then all the paperwork goes through miles of red tape.
And all the while the homes in the area are dropping in value.
Some claim that the banks would prefer to foreclose on the house and then wait for the market to turn around.
Only problem is that they may be waiting a long, long time, especially if it is taking over a year for homes that are sold to close and with more foreclosures happening every day, in fact, one report claimed that one in 10 homeowners are at risk for foreclosures, is there any light at the end of the tunnel for the folks that are upside down on their homes.
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