1 in 7 Properties in America are Distressed
Here is a relatively staggering statistic… 1 in 7 properties in America are distressed properties. Meaning they are delinquent on their payment, facing foreclosure or in foreclosure. Think about that for a minute. In a community that has 50 homes, AT LEAST 7 of those homes are distressed.
There are currently approximately 3.8 million homes currently in foreclosure across America. There another 5 to 7 million homes in what is known as the shadow inventory… homes in foreclosure, but not yet released for sale.
The ramifications of foreclosure are very serious, and present a punishing financial blow to the home owner who loses their home to foreclosure. The staggering concept for me is that many, many of these home owners DID NOT need to lose their home to foreclosure… they had options. The vast majority of them were qualified to short sale their home and be faced with a much better credit and financial situation than where they are now.
So, here is the thing. Market values and our communities here in the Fredericksburg real estate market will benefit greatly from preventing more homes from going into foreclosure. So… think about this question. Who do you know that is behind on their payments and don’t know what to do? You very likely know somebody, probably several somebodies, because you know at least 7 people, right? Remember 1 in 7 properties are distressed, in EVERY price range. So, help them, and help our communities by steering them in the right direction to explore their options.
Do you know of anyone who is behind on their payments and don’t know what to do? Who doesn’t understand all their options? We may be able to help them. Refer them to our short sale page here on the website, have them email us, or better yet, have them call us at (540) 538-7222 or (540) 455-8374. Preventing more foreclosures benefits everybody.
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Category : Blog