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It was the seventh-straight month in which more than 300,000 households receiving a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes.
Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.
Short Sales, and Foreclosures should be the most accurate market value during pricing settling. The reasons there are short sales and foreclosures are very obvious because the previous¤t market values are too high (inflated bubbles). The people who bought it at inflated bubble prices are not able to get the inflated bubble prices back. To correct the market, the housing down turns must take place to realistic prices where the qualified people are buying. The most realistic transactions will be those Shortsales and foreclosures while the market is settling. The inflated "Market Value" should be adjusted base the all sales including short sales and foreclosures to reflect the real life. Currently, many RE Professionals are still in denial not to include Short sales and foreclosures. At this point, the market values still have a long way to go down.
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Once we clear up all these short sales and forclosures - prices will be back to normal?
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Rapper Donte Washington, "RapperDawg"
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