01.11.2011 - The housing market in a word: Distressed
One meaning of the word “distressed” is the state of needing immediate help. Surely that can be used to describe every aspect of the real estate market nationally and locally. According to the most recent S&P/Case-Shiller Home Price Index, home prices dropped nationally 5.9 percent for the first six months of this year and foreclosures and short sales remain at historically high levels. The Lansing area dropped 6 percent. In this uncertain environment everyone is distressed. Buyers worry that they are paying too much for property. Sellers worry that if they sell their home it may not be worth what is owed which might force a short sale, require bringing cash to closing, or even a foreclosure..............................................Full Article: Source
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