If you’re like me and have tried to sell in the last few years, it’s not a pretty picture. I’ve had my condo on the market more than a year, and despite dropping my price drastically we haven’t had any other offers. We had one buyer who was unable to qualify for a loan. It’s a frustrating situation, as I had no choice but to move and take a better job. Life moves on. Too bad the housing market won’t get moving again.
While many people can’t sell, others can’t hold onto their home. They’re either facing foreclosure or trying to hold on while they wait for a modification.
According to a survey of homebuyers’ attitudes toward foreclosed homes, 58% of U.S. adults expect the recovery won’t happen for at least two more years. The survey was conducted on behalf of Trulia and RealtyTrac.
It’s not surprising, but it means several more painful years. The survey also found 35% believe the robo-signing issues will delay the housing market’s recovery.
Trulia co-founder and CEO, Pete Flint said, “Government incentives have come and gone and historic lows in interest rates have done little to spur recovery. Then, as if prospective buyers and sellers needed more to be concerned about, the robo-signing issue caused a ‘what’s next?’ fear to surface in the minds of consumers who, frankly, have lost faith in banks and their government to make good decisions.”
While December saw a drop in foreclosure filings, the trend is not expected to continue in 2011.
“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.”
While Ohio has seen its share of foreclosure activity, it’s not in RealtyTrac’s top 10.
Unfortunately, I bought high and I’m trying to sell low. I wish I was a few years younger, and could take advantage of this housing market. It’s a great time to buy as interest rates are still low and you can name your price for a home.