Monday Morning Word for Greater Cincinnati Real Estate
May 23rd, 2011 categories: Foreclosures & Short Sales
Yes that’s the word for the week. The slow news cycles during the last week or two focused our attention on the prediction that the world was ending on Saturday, May 21st. Obviously that didn’t happen and while my personal rapture was to discover that somebody (other than me) cleaned the house- well that didn’t happen either.
In slow news cycles lots of things pop into the news- some of items are way behind the actual events-like the Sunday Enquirer article about the impact short sales and foreclosures are having on home sales in greater Cincinnati.
Talk about waiting for something to happen- foreclosures and short sales continue to present all sorts of problems for buyers, sellers, neighbors, Realtors(c), appraisers and elected officials and very little is being done to fix the problems. It would’ve been a nice surprise if the Federal Reserve had long ago tied some strings to lending “cheap money” and forced all the financial parties involved in short sales and/or foreclosures to timelines and processes to expedite these deals. It’s not like the short sale/foreclosure problem is in its infancy- yet if you talk to the people in the trenches dealing with these real estates transactions on a daily basis- patience is the key word. Patience, because buyers making legitimate offers to purchase distressed properties often wait for months (and months) for an answer from lenders. One has to wonder if somebody is actually looking at the source of the current problems or just counting the number of distressed homeowners and properties.
But it’s Monday and the local Cincinnati real estate market marches on- after all the world didn’t end and remember we did have almost 2.5 days of sunshine.
Related Article: New York Times
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