More homeowners selling at a loss
The bad news for home sellers keeps coming. According to CNNMoney.com, more homeowners than ever are selling their homes for a loss. This means one thing: The real estate slump is far from being over.
According to CNN, in the 12 months that ended June 30 of this year, nearly 25 percent of homes sold across the country sold for less than the sellers originally paid for the house. This, of course, is a disastrous transaction for sellers, probably only made under duress. The sellers had to sell now, and had no other options.
It’s a far cry from the real estate boom of 2001 - 2006, when sellers made astronomical profits often without even having stayed in their homes for five years.
The new real estate market is one that stresses patience: If you hope to make a large profit on your current home, be prepared to stay in it for five, seven or 10 years, at least. The days of looking at homes as giant piggybanks are over.
Tags: CNNMoney, housing values, real-estate-slump, selling at a lossRelated Stories
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