From The KCM Blog: "It's Not About Foreclosures. It's About Pricing!"
Remember the Boat Analogy
Many of our readers question why I spend as much time as I do on the foreclosure situation in the country. I want everyone to know that it is NOT an obsession with depressing news. I strongly believe that the wave of distressed properties (foreclosures and short sales) coming to market will dramatically impact house values for the rest of 2010 and probably 2011. I want to make sure that every seller and buyer remains on top of this issue so that they can best evaluate the options for themselves and their families. I hope every real estate professional understands the issue well enough to simply and effectively communicate the effect it will have on their customers’ decisions.
Obviously, to the families that can no longer afford their mortgage payments (or have made the decision not to make those payments), losing their home can be a harrowing experience. I have blogged in the past on where these homeowners can reach out for help to either keep the home through modification, or arrange for a more dignified exit for their family by doing a short sale. I even wrote of my own personal experience when I needed to transition my family because of economic difficulties. The sale or purchase of a home is very emotional under normal circumstances; in this market, emotions can be blinding.
