One in ten mortgages is now in foreclosure or delinquent. We’ve lost 2,000,000 jobs this year and today’s report shows 500,000 lost in November. I think I’ve been pretty confident that we were going to stop digging a deeper hole but now, I don’t know.
To bring this back to real estate, I wouldn’t panic but, if you really do have to sell your house in the near future, you might want to reconsider any offers you may have rejected in the past as too low. If any of those offers are still open, you or your agent might want to make a call.
But that’s just me at 10:30 in the morning between my fourth and fifth cup of coffee. Perhaps the fifth one will cheer me up.
Update: The Wall Street Journal reports on the same story. Nothing here reassures me.