Does this staggering artcle impact Sedona AZ Homes for Sale?

Posted By Barbara Baker @ Jan 23rd 2011 5:15am In: Sedona AZ Real Estate

Does the fact that 1 in 45 homes in the US faced foreclosure in 10 and more are expected in 11 impact Selling a Home in Sedona AZ?  You bet.  This article came from the Associated Press...

Lenders Repossess 1 Million Homes in 2010
Banks repossessed more than 1 million homes in 2010 and this year is expected to get even worse, according to RealtyTrac, a foreclosure tracking resource. About 5 million borrowers are at least two months behind on their mortgage payments, which industry analysts say will likely lead to lenders taking back even more homes this year as borrowers continue to struggle with job losses and dropping home values.

"2011 is going to be the peak," says Rick Sharga, a senior vice president at RealtyTrac Inc.

One in 45 U.S. households received a foreclosure filing last year, a record high and a 1.67 percent increase from 2009.

Some states are harder hit than others. In Nevada alone, one in every 11 households received a foreclosure filing last year. The state had a 71 percent spike in bank repossessions in December.

Banks in recent months have mostly slowed their pace in evictions, following allegations that they were handled improperly. But Sharga says banks will resume repossessions and the first quarter will likely show a rebound in foreclosure activity.

The states with the highest foreclosure rates:

• Nevada

• Arizona

• Florida

• California

• Utah

• Georgia

• Michigan

• Idaho

• Illinois

• Colorado

From a real estate perspective the writing has been on the wall for a few years - and should even be more of a "wake up" call to any seller pricing their home today.  I don't beleive in Fear tactics when pricing a home to sell in the Sedona AZ Real Estate market, however I don't foresee this trend going away for the next 5 years.  So if you are selling your home - price it to sell, sell sell!  Otherwise it will sit there and will be worth even less than it was when you started!

For questions, comments, or to talk to me about buying in the Sedona AZ Homes for Sale marketplace - you can email me, check out my website to look at all the mls, become a fan on Sedona Real Estate Fan Page on Facebook, text or call me at 928-301-0669.



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