3.      Phoenix, 39 percent

4.      Mesa, Ariz., 37 percent

5.      Albuquerque, N.M., 35 percent

6.      Memphis, Tenn., 35 percent

7.      Boston, 35 percent

8.      Tucson, Ariz., 34 percent

9.      Baltimore, 34 percent

10.   Dallas, 34 percent

Cities with the lowest percentage of price reductions in September:

1.       Detroit, 16 percent

2.      Miami, 18 percent

3.      Oakland, Calif., 19 percent

4.      El Paso, Texas, 19 percent

5.      San Jose, Calif., 20 percent

6.      New York, 20 percent

7.      Los Angeles, 22 percent

8.      San Antonio, 23 percent

9.      Denver, 23 percent

10.   Fort Worth, Texas, 23 percent

The last real estate bust after the peak in 1980 took 22 years for recovery until 2002. This bust with the peak in 2005 won’t see full recovery until 2027 if the 22 years holds true. The bottom line is, now might be the time to sell.

The Federal Government started a new program for short sales called HAFA ( Home Affordable Foreclosure Alternatives). This program is available for many borrowers who are “upside down” on their mortgage and cannot afford to continue to make the payments. The major benefits for the homeowner are:

1. The lender must take the proceeds of the short sale as payment-in-full, wiaving the right to collect the balance of the loan from the homeowner.

2. The homeowner may be eligible for $3000 Relocation Assistance.

3. The process should take less time.

Whether you can do a HAFA short sale or a short sale without HAFA assistance , it may be the only option other than foreclosure. Foreclosures have many long term disadvantages compared to a short sale.

If you are considering a short sale or loan modification  and live in Cooper City or another town in South Broward, call me for a free consultation. I am a Certified Distressed Property Expert (CDPE) and have helped many in our community avoid foreclosure and move on with their lives.

 Watch the video below to see why a short sale may be the best alternative.

http://www.youtube.com/watch?v=E2IjktYtwwo