You BETTER SELL your home NOW!!!!!!!!!!!!!....maybe????
WASHINGTON (MarketWatch) -- The Obama administration on Thursday announced new actions to head off home foreclosures, including protections against home price declines as well as incentives to pursue sales instead of foreclosures.
One of the steps Geithner and Donovan announced is aimed at encouraging the quick private sale or voluntary transfer of property when a modification is not possible.
Basically if you don't qualifiy for a loan remodification because you are unemployed or your house is too underwater.....you can simply hand back the keys to the bank or the bank will be incentivized to accept a short sale and the borrower can walk away with little impact on their credit score.
With millions of job losses ahead....and tens of millions already unemployed/underemployed.....and millions of homes underwater....we could be looking at an incredible number of homes that will qualify to be given back to the bank or incentivized for a short sale.
Can you imagine what will happen to home prices when this inventory hits the market????
My guess is that this will get LOTS of media attention in the next few weeks.
Alstrynomics is all about breaking important news first!!!!
You are always prepared when Alstry is here........
Millions of additional job losses and millions of additoinal homes potentially hitting the market for sale in a relatively compressed period of time.....welcome to Concentric Contraction.