Foreclosure Crisis to Drive Down Home Prices
This just in, from the Department of DUH, WE COULD HAVE TOLD YOU THAT:Caldwell acknowledged the inevitable delay in foreclosures caused by law enforcement investigations, pending litigation and self-imposed slowdowns by lenders, saying those actions "may have both immediate and longer-term consequences."
She said that longer foreclosure timelines will probably force down sale prices, particularly for vacant homes lingering on the market, and sow uncertainty among buyers about whether the homes have a clear title.
"This would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales," Caldwell said in her written testimony. "Together, these two factors may exert downward pressure on overall housing prices both in the short and long run." [source]
And wow, whatdya know? I own a vacant house, lingering on the market. Huh.
She said that longer foreclosure timelines will probably force down sale prices, particularly for vacant homes lingering on the market, and sow uncertainty among buyers about whether the homes have a clear title.
"This would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales," Caldwell said in her written testimony. "Together, these two factors may exert downward pressure on overall housing prices both in the short and long run." [source]
And wow, whatdya know? I own a vacant house, lingering on the market. Huh.