Home Ownership Falls To Lowest In Decade- Driven By Foreclosures

Here's a VERY good reason why NOW is the time to short sale. We are having a glut of homes in inventory. Just try to comprehend that for a moment- Interest rates are sitting at around 4% for a 30 year Conventional Loan, around 5% for FHA! Those are INSANE interest rates! Some Conventional Loans can get UNDER 4%! AND WE STILL HAVE TOO MUCH SUPPLY AND NOT ENOUGH DEMAND! Consumer confidence is low. People are scared to buy, banks are scared to loan. Result? Home values will drop even more.
Short sale. Get out of the mess NOW. Count down the months until you can buy again. Buy when values are still low, before you would have been able to due to foreclosure. Then sit on equity. Slam dunk.

Bloomberg article here.

First three paragraphs:
About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade.
The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.6 million in the year-earlier quarter, the U.S. Census Bureau said in a report today. The ownership rate, meaning households that own their own residence, was 66.9 percent, the lowest since 1999.
Lenders are accelerating foreclosures as borrowers fall behind in mortgage payments after the worst housing crash since the Great Depression. A record 269,962 U.S. homes were seized in the second quarter, according to RealtyTrac Inc. Foreclosures probably will top 1 million this year, the Irvine, California- based data company said in a July 15 report.