How many people are taking a loss on a home sale?

Answer by  patti (29325)

At the beginning of 2010, the housing market was still in slump with foreclosures continuing at the same rate as before the "bail out." Property values are in the basement and lots of home are being put in short-sale to avoid foreclosure. It takes time for markets to improve.

Answer by  patti (29325)

"The market" with reference to the sale of real estate is depressed in many areas of the U.S. and the world. Some people are doing "short sales" because they have no choice. By taking a loss, they are minimizing risk for an even greater loss in the future.

Answer by  luvcomputers (66)

This depends on which market you're talking about. People are taking a loss on a home if they're selling for less than they owe.

Answer by  canadabee (932)

Although the real estate market has been steadily improving throughout 2010 (partly because of the tax credit for new home buyers), a lot of people are still taking a loss. In many markets, prices are down, so a loss is still likely for those who have no choice but sell.

Answer by  Roland27 (16334)

They are saying that the market is going to go up. There are still people buying since people who were saving to buy a house can now afford it.

Answer by  cmkekbif (778)

Depending on the area in the country, most markets are increasing and getting much better. With that, many people are still taking losses because of the lengthy poor market and job losses.

Answer by  withsmluck (793)

While it is impossible to know exactly how many people are taking a loss on a home sale, it is very safe to say that it is still a staggering large number. As long as we are seeing the unemployment rates rise, we will be seeing many foreclosures, which keeps the market prices down. It isn't better yet.

Answer by  jaimesgirl (1055)

This depends on the geographic location. In some places, such as the northeast Ohio - Cleveland area, home values have stabilized. There is no increase, but no decline. In other areas, such as Detroit, the housing market continues to decline. The economy seems to have improved slightly, but people don't appear to be making large purchases again with confidence.