Stunning News:  At least one half (50 percent) of the homes sold in the US closed for less than the amount owed on the mortgage.  In other words, half of all US homeowner’s were upside down, owing more money than their houses were worth. 

Sadly, the national average of 50 percent was far better than a lot of regions faired.  In Arizona and California, 55 percent of sales prices fell below the loan amount.  In Florida, 40 percent of owners were upside down.  In Michigan, 65 percent of all home sales were distressed.  In Nevada, the banks lost even more money, as 61 percent of all sales were made at prices below the outstanding debt amount.

While we have seen units of sales of real estate pick up in the last four months, these sales have unfortunately been the result of deeply discounted prices.   The problem for a recovery in 2010, is that another wave of foreclosures is cresting, ready to pound us once again.

To read the latest news about foreclosures and home price predictions in 2010, CLICK HERE.

Thank you for visiting Why6Percent.com.  If you have a home to sell, time is not on your side.  Price your property aggressively and let the world know about it.  Visit our website and discover how other seller’s are reaching millions of buyers a month.