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Foreclosure Sales Reach 35,000 in 2012. The Highest Since the Real Estate Collapse.

The Chicago Tribune is reporting today that foreclosure sales topped 35,000 in 2012. The Highest since the Real Estate Collapse. See (http://www.chicagotribune.com/business/ct-biz-0206-foreclosure-auctions-20130206,0,4902617.story)  What does this mean to you as a first time homebuyer or someone looking to move up to a bigger home:

1)  Good Values – Most of the homes sold at foreclosure were taken back by the bank.  Oftentimes, these homes will sell for less than 50% of the appraised price to move them quickly.

2)  If you are selling your home to purchase another, short sales are being approved much more quickly and rental rates have been improving.  This will allow more turnover of our housing stock in 2013.

3)  FHA loans continue to be a great value with interest rates less than 4.5% and approvals usually fairly easy for workers with stable incomes.

The downside:

1)  Housing values overall will continue to remain depressed.

2)  Many homeowners will continue to be “trapped” in their house where it is impossible to sell either at a profit or break even transaction.

The conclusion:

It is 2013 nearly 5 years since the official beginning of the “Great Recession” and our economy has not improved.  The Great Depression is a good lesson – nothing really improved until War Order for Munitions started in 1939.  Clearly that wasn’t the greatest way to end an economic slow period.

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