I'm sorry to say that 2008 was not time to sell if you are not going broke.
But as we move into 2009, the news doesn't look too good: 53 percent of loans that were modified to reduce principal, payments or the interest rate are already delinquent. Foreclosures continue to rise. And unemployment has suddenly jumped, to 10 percent in Florida, 8.5 percent in California and 7.5 percent in Georgia.
Loss of jobs means more people will be struggling to make their mortgage payments. Likely, foreclosures will go up this year. Those who want to sell to change locations, take a new job or retire, will have a tough time. The vast majority of home sales these days are "distress" sales: homes that have been foreclosed upon and sellers who are "short" and are selling to get out from under the threat of foreclosure. As industry observers note, until we get rid of the backlog of foreclosed homes, the market doesn't look too good for homeowners who want to move on.
Overall, I don't think 2009 will be a great year for sellers but the best for buyers.