Tuesday, September 20, 2011

Are "Normal" Sales, Where the Seller Has Equity, Fading Away? Or, "Sell Now"

The other day we posted on the huge number of Virginia homeowners who have negative equity--they owe more than the house is worth.  Virginia is #8 in the United States. 

In 10 major metro areas, sales funded through mortgages declined by 60% from 2005-2010.

The housing market keeps morphing into a transactional morass that nobody has seen before, nor been able to anticipate.  And we're posting this interesting article because what happens in large markets eventually trickles down to this one...about two years later. And because the US economy is faltering on the back of the housing debacle and structural unemployment.  What happens in Peoria and Long Beach impacts us all.

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