MORE EMPHASIS PLACED ON SHORT SALES
AS A PANEL NOTES "FORECLOSURES ARE
NOT THE CURE FOR THE HOUSING CRISIS"

The National Community Stabilization Trust advocates
stabilizing neighborhoods with more short sales.
(please read our previous blog about short sales) .

Foreclosures are going to rise before they fall according
to the panel. Estimates on pending foreclosures are
about 850,000 nationally this year, 1.5 million nationally
in 2013, then back to present levels by 2015.

A panel of industry professionals at the inaugural MPact
Conference recommended that lenders initiate BULK
Short Sales to investors and non-profit institutions.

Lenders have to be more aggressive about offering
approved listing prices for short sale properties
all agreed.

The emphasis thus far is to foreclose, risking vandalism,
vacant boarded up homes which tend to drop the values
of nearby properties becoming an eyesore and a blight
on the neighborhood.

There are many reports nationally of homeless people
and crack houses inhabiting these vacant properties.
Situations have become so bad that some cities in the East are
considering demolishing these long-time vacancies.

A short sale keeps a family in their house or condo until
sold and some new family moves in thus stabilizing the
neighborhood.

Irv