There is a homestead exemption that's nice and some relief from sales tax recently installed for homeowners.Worst impact has been the point of sale assessment -- killing alot of deals, especially investment/commercial transactions.

Those are properties that aren't traditionally rentals although they will have a big impact on the market.

Assuming they are unable to get a modification and unable to make up the missed payments and fines/fees they will benefit by:1 Not being embarrassed by a foreclosure2 Getting out from the debt of a property that has grossly devalued (upside down)3 Will have less impact (on their credit) than from a foreclosure4 Won't need to worry about a deficency judgment5 No out of pocket fees for selling the house.What is the possible "upside" to not taking short sale?

This is a tough market and *all* professions are hurting.Not certain how familiar you are with Short Sales, however keep in mind they will impact your credit negatively.

I'll say it again, if you truly believe this is inevitable and you understand the economic impact of your scenario, you'd be selling all of your real estate right now...so, either you don't believe what you're saying or you don't understand the ramifications of what you're saying...I'm willing to bet on which one it is...

Obviously much of the impact will be driven by the specific market.For instance, many urban markets provide a great deal of assistance to first time home buyers through grants or low interest loans.With that being said, it is hard to ignore the impact of those buyers who bought prior to the expiration of the tax credit (cannibalization).

My point is, that there are alternative workouts that have not been done in the recent past that are starting to show up and such alternatives will probably have an impact on the big picture.

And unfortunately, most the unfit parents in this country are too stupid to consider the fact that they won't be able to provide for their kids...and therefore threat of no welfare won't have as great of of impact as any of us would like.

Originally posted by Tom Cullen:The growing consenus is that the Obama admin took too long to recognize the scale of the environmental impact the oil rig explosion posed.

Hiding information about your B-C deal when it would impact the lender's decision has always been frowned upon,and not just by Freddie Mac.