Clear Capital’s report shows prices have fallen 11.5 percent over the previous nine-month period. A rate of decline this rapid has not been seen since 2008.

All the major metropolitan statistical areas tracked in Clear Capital’s report showed quarter-over-quarter price declines. The company says it’s a “sign of the continued volatility and fragility of home prices.”

At the regional level, home prices in the West, Northeast, and South regions have all crossed into double dip territory to record their lowest prices since the downturn began.

The latest performance report shows that nearly half of the homeowners approved for trial modifications have fallen out of the program. As of the end of July, 616,839 HAMP trials have been canceled, out of the 1,307,489 trials started since the program began.

The government and “distressed” homeowners are seeing Short Sales more and more as a viable option. Statistics like these released Friday compliment our feelings that the free market and capitalism will ultimately provide the solution to this unprecedented market correction.

Michael Corradini

CEO, Short Sale Pros

First American Core Logic says there are 130 million homes in the United States. If 20% of them are upside down, or 26 million homes, and 41% walk, then 10.4 million homes would go into default.

The National Association of Realtors says the median home price is $166,100, so if you take 10.4 million homes by $166,100, you have over $1,727,400,000,000 in foreclosures ahead.

Let’s hope strategic defaults reach no where near the 41% level. It is a big problem and Short Sale Pros always advises against it.

Gov. Arnold Schwarzenegger signed the measure, “SB 401″, which permits married partners to exclude canceled mortgage debt up to $500,000 on their primary residence, $250,000 if an individual.

See the full article here.

At Short Sale Pros, we support and employ a 100% FREE model for all troubled homeowners. Here is the full story:

http://www.dsnews.com/articles/schwarzenegger-institutes-nine-new-mortgage-laws-2009-10-13

The trend toward unemployment and increase in foreclosures is evident nationwide. However, foreclosure is not the only option if income is lost. A better option is a short sale, allowing homeowners to walk away from the home while avoiding foreclosure on their credit.

Homeowners facing foreclosure can contact Realtors or short sale companies once they have missed at least one mortgage payment. Few Realtors are skilled at processing complex short sales and some companies charge thousands to process a short sale, however Short Sale Pros offers the service at no cost.

San Diego school teacher Marlen Sepulveda stated, “When my adjustable rate mortgage increased and my salary became in jeopardy due to employment conditions, I didn’t know where to turn when I couldn’t afford my mortgage anymore. I contacted Short Sale Pros and they answered all my questions and negotiated my short sale, all at no cost to me.”

Over the past twelve months, unemployment has increased to 1.8 million in California, a sharp increase from 1.1 million a year earlier, according to data from California’s Employment Development Department in February.

“In 2009, we’ll see unemployment numbers directly impact the number of foreclosures. Homeowners may not be aware of their options,” said Michael Corradini, president of Short Sale Pros. “Short sales give homeowners a way to avoid foreclosure and positions them to be able to buy another property sooner.”

Based in San Diego, Short Sale Pros is leading America’s recovery as one of the fastest growing short sale negotiation firms. They are one of the only companies to offer No-Cost negotiations to Homeowners and Investors, and full commissions to Realtors. Their firm streamlines the complicated short sales process by utilizing their lender contacts, proprietary mitigation techniques and handling all the paperwork necessary for the transaction. Realtors, investors and homeowners are encouraged to get informed at no cost at www.ShortSalePros.com or 866-975-PROS (7767).

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