Real estate experts were expecting that the market would be strong with the tax credit in effect. It’s the result of the weakening inventory. Based on the real estate experts, the Multiple Listing Service had only 1,600 foreclosed-upon properties that were available the previous week. Of all the 20,875 real estates that are listed at the end of April, only 7,207 did not get offers from creditors. This reflects the real estate inventory, and with the tax credit ending, it is foreseen that the market would be much slower.
Based on the Greater Las Vegas Association of Realtors, the sales in April went down 7 percent in contrast to last March and went down almost 8 percent as compared to April 2009. The yearly fall in sales is the first since March 2008. The drop in result was not expected since April was the last month for buyers to go into agreement for new and existing homes. According to the president of Home Builders Research, Dennis Smith, who watches the Southern Nevada real estate market, the fall out in sales is the effect of the receding amount of foreclosure properties in the housing market.
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I am going to be in the process of foreclosing my condo. I understand that I do not need a lawyer, and I just don’t make my mortgage payments. If I have a 2nd mortgage with the same lender, do I continue to pay that?