Here’s a sobering bullet that I read on the “Seeking Alpha” news feed:
•Home prices spiral. U.S. home prices fell the most in at least 17 years and are under continued downward pressure from the highest foreclosure rate on record. According to Federal Housing Finance Agency data released yesterday, home prices are down 5.9% from the previous year while Q3 foreclosures rose 71% from the previous year. Every quarter another 250,000 houses enter foreclosure, with each foreclosure pulling down the value of nearby homes by a total of $220K.
And sadly foreclosures are even up in the Berkshires. As a seller, you must be cognizant of this information. As a buyer with good credit and cash – what an opportunity!! Stay tuned as this marketplace continues to unfold. I am now calling it a rolling crash as it’s been coming for months and may continue for months.