The real estate boom appears to be over for now.
Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, or perhaps twice as much in a worst-case scenario.
Those who purchased their homes at the top of the market could be in trouble, especially if the U.S. falls into a recession.
It’s true. Homeowners don’t want to go through a foreclosure and the resulting destruction of their credit rating. Fortunately, there is an alternative for homeowners having trouble making their mortgage payments: a short sale.
Short sales avoid foreclosure, but they can result in tax liabilities.
What Is a Short Sale?
A “short sale” is a way for financially struggling homeowners to avoid foreclosure when their home is worth less than the amount of their loan. The lender allows the homeowner to sell the home in a regular sale through a real estate agent for less than the amount of the mortgage. ... Log in to view full article.