Federal Reserve Chairman Ben Bernanke on Tuesday warned mortgage delinquencies and foreclosures were likely to rise and that more house price declines could be expected, and called for active measures to stabilize housing markets. There is NO question that the housing market is going to continue to worsen for sellers.

“This (housing) situation calls for a vigorous response,” Bernanke said in a speech to the Independent Community Bankers of America.

At this point its inevitable that lenders will be forced to do more short sales. These short sales will have to happen faster through a new process replacing the current one. We are predicting that by June or July of this year there will be a ‘Short Sale Fast Track’ program mandated by the government. The agents who know how to do short sales will be the agents who control the market. Bernanke seems to by hinting that he is in agreement that short sales are the best solution for the current real estate meltdown..

“Measures to reduce preventable foreclosures could help not only stressed borrowers but also their communities and, indeed, the broader economy,” he said.

Current housing difficulties differ from past housing market slumps because of the large number of homeowners who owe more on their home loans than their homes are worth, Bernanke said.

“In this environment, principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure” than reducing interest rates on troubled home loans, he said.

Analysts said the Fed chairman was advising bankers that it was in their best interest to resolve mortgage problems quickly and to cut their losses.

HREU Students and future students…become crystal clear about this next point..
In this market you simply have to know how to do short sales. Short sales represent the best opportunity in this market. If you have not done so yet, enroll in the Agent Short Sale Secrets Program now.

Listen Now To A Reply Of Our Agent Short Sale Secrets Teleconference.

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