Realty World – Success Plans, Inc.

Our government has said they would spend another $3 billion to help homeowners keep their home if they lost their job or have a medical condition that reduces their ability to work. Eligible homeowners could receive a no-interest loan up to $50,000 for as long as 24 months and stay in the home.  This program is to prevent further home foreclosures, but will it help and make a difference? According to RealtyTrac, foreclosures have increased 8% to $1.65 million in the first 6 months of this year with the current programs, so will this help or are we digging a bigger hole in the money pit for the next generation to cover? I hope it does help and get us out of this mess. However, it’s going to take some time to see if the extra money spent will make a difference, but at least, the government is trying to help people keep their homes.
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According to Realty Trac, “A total of 340,740 California properties received a foreclosure filing in the first half of 2010, the nation’s highest total but down 15 percent from the previous six months and down nearly 13 percent from the first six months of 2009.”
It is encouraging to know that the foreclosures are on a decline, however is the real estate market going to survive the next wave of REOs? I think it will as long as the interest rates stay at today’s levels, unemployment declines, and the demand for housing remains strong.
The San Francisco market is a great example. Although the hardest hit areas in San Francisco, are in the lower and medium priced homes, the home sales have increased and spurred on the sales of the more expensive areas of the city. It is expected to continue for the rest of the 2010.

I believe San Francisco and San Mateo counties’ prices have stabilized in most areas and may stay at this level until something happens with the projected increase of interest rates and foreclosures, defaulting homeowners and unemployment. Based on a study by Homegain, it is not surprising to see that homeowners and agents have different views about the market place.
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Homes lost to foreclosure on track for 1M in 2010  thenewstribune.com)
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