Comments on: The Ugly Reality of Short-Sales in Your Neighborhood http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/ A Blog About Kenmore, WA By James Lupori, REALTOR, and long time Kenmore resident. 206-713-2102 Thu, 18 Mar 2010 05:49:37 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Las Vegas Undressed » Blog Archive » Las Vegas Real Estate News http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-7454 Las Vegas Undressed » Blog Archive » Las Vegas Real Estate News Mon, 24 Aug 2009 19:18:40 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-7454 [...] an associate of mine at Kenmore Undressed; Jim talks about some of the consequences of short sales. “The Ugly reality of Short Sales in Your Neighborhood.” This entry was posted on Monday, August 24th, 2009 at 12:18 pm and is filed under Las Vegas [...] [...] an associate of mine at Kenmore Undressed; Jim talks about some of the consequences of short sales. “The Ugly reality of Short Sales in Your Neighborhood.” This entry was posted on Monday, August 24th, 2009 at 12:18 pm and is filed under Las Vegas [...]

]]> By: Robert Zuniga http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5972 Robert Zuniga Thu, 02 Jul 2009 01:56:31 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5972 This is happening all over the country. In fact, some locations in the St Paul-Minneapolis Area there are so many short sales and no retail sales that doing comparable analysis is impossible for Realtors,Investors, Homebuyers and Banks. A reality check for people is that this won't matter for most people since they are not interested in selling today. Granted lines of credit are affected as well as the ability to refinance. Most people will weather the market correction fine. Just like most loans outstanding today are paid on time and are up to date. This is happening all over the country. In fact, some locations in the St Paul-Minneapolis Area there are so many short sales and no retail sales that doing comparable analysis is impossible for Realtors,Investors, Homebuyers and Banks.

A reality check for people is that this won’t matter for most people since they are not interested in selling today.

Granted lines of credit are affected as well as the ability to refinance.

Most people will weather the market correction fine. Just like most loans outstanding today are paid on time and are up to date.

]]> By: Andrew McCulloch http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5682 Andrew McCulloch Wed, 24 Jun 2009 17:33:20 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5682 James, you're absoulutely correct. In our case, we completed a short sale last year in an area with very few other homes on the market. By the time we closed, the market was starting to go flat. The buyer got a great price but the market is now in line with what he paid for the house which was $160K less than we paid just four years earlier! James, you’re absoulutely correct. In our case, we completed a short sale last year in an area with very few other homes on the market. By the time we closed, the market was starting to go flat. The buyer got a great price but the market is now in line with what he paid for the house which was $160K less than we paid just four years earlier!

]]> By: The Best From The Undressed Network: From Kenmore Undressed http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5553 The Best From The Undressed Network: From Kenmore Undressed Sun, 21 Jun 2009 18:30:58 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5553 [...] SHORT SALES….click here [...] [...] SHORT SALES….click here [...]

]]> By: Las Vegas Undressed » Blog Archive » Short Sales Las Vegas http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5483 Las Vegas Undressed » Blog Archive » Short Sales Las Vegas Fri, 19 Jun 2009 21:20:45 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5483 [...] The Ugly Reality of Short-Sales in Your Neighborhood James Lupori  recently posted an article about the consequences of short sales in rel estate. This may be an issue for some of you and I wanted to keep you abreast with the workings of the real estate market.  [...] [...] The Ugly Reality of Short-Sales in Your Neighborhood James Lupori  recently posted an article about the consequences of short sales in rel estate. This may be an issue for some of you and I wanted to keep you abreast with the workings of the real estate market.  [...]

]]> By: Kenmore Undressed » Blog Archive » Washington State Bar Association - Help For Troubled Homeowners http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5477 Kenmore Undressed » Blog Archive » Washington State Bar Association - Help For Troubled Homeowners Fri, 19 Jun 2009 17:53:10 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5477 [...] but they can adversely affect the property values of whole neighborhoods (see my blog post The Ugly Reality of Short-Sales in Your Neighborhood). We are truly fortunate that the bar is spending $150,000 on a foreclosure legal team and $10,000 [...] [...] but they can adversely affect the property values of whole neighborhoods (see my blog post The Ugly Reality of Short-Sales in Your Neighborhood). We are truly fortunate that the bar is spending $150,000 on a foreclosure legal team and $10,000 [...]

]]> By: RealEstateUndressed » Blog Archive » The Best From The Undressed Network: From Kenmore Undressed http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5425 RealEstateUndressed » Blog Archive » The Best From The Undressed Network: From Kenmore Undressed Thu, 18 Jun 2009 15:42:54 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5425 [...] SHORT SALES….click here [...] [...] SHORT SALES….click here [...]

]]> By: James Lupori http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5424 James Lupori Thu, 18 Jun 2009 15:35:30 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5424 Cameron and Matthew - Thanks for the comments! Matthew, you're absolutely right about the perception homeowners have about their property. The phenomena of double-digit appreciation over the last decade has blinded people into believing that a) property always appreciates and, b) a home is an "investment." You comment about short sales being a boon is interesting: Indeed, short-sales beat the alternative (e.g. a protracted foreclosure and eventual loss of property values). The problem with short-sales is the complexity of the transactions and the seeming lack of urgency shown by the lien holders. Because so many of the homes were securitized against the pension funds of retirement funds in Iceland or NY, it's taking forever and a huge number of the short sales in our market fail to close. I'd be curious to know, from your perspective, how the process could be improved. Great conversation. Thanks! Cameron and Matthew – Thanks for the comments! Matthew, you’re absolutely right about the perception homeowners have about their property. The phenomena of double-digit appreciation over the last decade has blinded people into believing that a) property always appreciates and, b) a home is an “investment.”

You comment about short sales being a boon is interesting: Indeed, short-sales beat the alternative (e.g. a protracted foreclosure and eventual loss of property values). The problem with short-sales is the complexity of the transactions and the seeming lack of urgency shown by the lien holders. Because so many of the homes were securitized against the pension funds of retirement funds in Iceland or NY, it’s taking forever and a huge number of the short sales in our market fail to close. I’d be curious to know, from your perspective, how the process could be improved.

Great conversation. Thanks!

]]> By: Matthew Smith http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5420 Matthew Smith Thu, 18 Jun 2009 14:13:40 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5420 James, good article... The fact of the matter is that you are right on most all accounts. The bad news is that there is not much we can do about it. Property values are stagnant in most markets and declining in many. The short sale is not the enemy of the neighborhood it is actually a boon. It is highly preferable to speed up the road to recovery by having the home sold quickly via the short sale, than to take it through the foreclosure to REO process. (At which time it would be sold at a similar price but with up to a year + delay) What I find interesting is how people view the 'inherent value' of their homes differently than say the value of their 401k. For example if you neighbor sold stock in their 401k at a loss for reasons of financial distress, and that selling affected stock price... no one cares....but with real estate, its like a God given right that house prices stay fixed or constantly appreciate....just a thought. James, good article… The fact of the matter is that you are right on most all accounts. The bad news is that there is not much we can do about it. Property values are stagnant in most markets and declining in many. The short sale is not the enemy of the neighborhood it is actually a boon. It is highly preferable to speed up the road to recovery by having the home sold quickly via the short sale, than to take it through the foreclosure to REO process. (At which time it would be sold at a similar price but with up to a year + delay)

What I find interesting is how people view the ‘inherent value’ of their homes differently than say the value of their 401k. For example if you neighbor sold stock in their 401k at a loss for reasons of financial distress, and that selling affected stock price… no one cares….but with real estate, its like a God given right that house prices stay fixed or constantly appreciate….just a thought.

]]> By: Cameron Novak http://kenmore.neighborhoodsundressed.com/2009/06/17/the-ugly-reality-of-short-sales-in-your-neighborhood/comment-page-1/#comment-5408 Cameron Novak Thu, 18 Jun 2009 08:31:36 +0000 http://kenmore.neighborhoodsundressed.com/?p=973#comment-5408 Well written James. You are well versed and in tune with Kenmore Real Estate. Thanks for sharing your short sale experience and expertise. Cheers, Cameron Novak Real Estate Agent & Short Sale Specialist Corona, California http://activerain.com/cameronnovak Well written James. You are well versed and in tune with Kenmore Real Estate. Thanks for sharing your short sale experience and expertise.

Cheers,

Cameron Novak
Real Estate Agent & Short Sale Specialist
Corona, California
http://activerain.com/cameronnovak

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