Perceptions about housing values are becoming a reality as potential home purchasers continue to put off their home purchase decisions. Although 27% of Americans indicate that they will be buying a home at some point in the future only 2% say that they plan to buy within the next 12 months. The people that don't plan to buy within the next 12 months are concerned about the real estate market and declining values, the economy and jobs. Many also say that they won't be buying any time soon because of the lack of available financing.
Although there are about 6.4 million delinquent mortgage loans right now Fannie Mae and Freddie Mac are only holding about 180,000 homes. Fannie Mae said that the houses it has been selling have been selling for 56% of the unpaid mortgage balance. That's quite a haircut especially if there was any equity put into the deal at the beginning. Both Fannie and Freddie cannot sell houses faster than the foreclosures are coming in. At their current rate of sale it will take Fannie Mae four years to sell their inventory and Freddie Mac will take 15 years to clear its inventory.
The negative data keeps piling onto the residential real estate market. It seems like every day someone else comes out with a home price index that showing that the market is still falling. Recently, Fiserv reported that home prices fell 5.9% on an annual basis during the second quarter of this year. They said that this continues the double dip in home values that started last year. Fiserv predicts that houses will continue to fall, dropping another 3.6% by June of 2012. Although existing housing has become much less expensive than it was just a few years ago, increased lending standards brought the volume of house sales back to the 1998 level.
At fair assessments LLC. We concentrate on commercial property value reductions. However we do residential property tax appeals for homeowners in the Atlanta Metro area that live in Fulton County to County and Gwinnett County. If you would like assistance with your property tax appeal in 2012, please contact us at www.fair assessments.com and we will do our best with your property tax appeal.
Although there are about 6.4 million delinquent mortgage loans right now Fannie Mae and Freddie Mac are only holding about 180,000 homes. Fannie Mae said that the houses it has been selling have been selling for 56% of the unpaid mortgage balance. That's quite a haircut especially if there was any equity put into the deal at the beginning. Both Fannie and Freddie cannot sell houses faster than the foreclosures are coming in. At their current rate of sale it will take Fannie Mae four years to sell their inventory and Freddie Mac will take 15 years to clear its inventory.
The negative data keeps piling onto the residential real estate market. It seems like every day someone else comes out with a home price index that showing that the market is still falling. Recently, Fiserv reported that home prices fell 5.9% on an annual basis during the second quarter of this year. They said that this continues the double dip in home values that started last year. Fiserv predicts that houses will continue to fall, dropping another 3.6% by June of 2012. Although existing housing has become much less expensive than it was just a few years ago, increased lending standards brought the volume of house sales back to the 1998 level.
At fair assessments LLC. We concentrate on commercial property value reductions. However we do residential property tax appeals for homeowners in the Atlanta Metro area that live in Fulton County to County and Gwinnett County. If you would like assistance with your property tax appeal in 2012, please contact us at www.fair assessments.com and we will do our best with your property tax appeal.
