In the past few weeks the real estate market showed multiple signs of a rebound of some sort. In 20 metropolitan areas prices rose 0.2% in August but were still down 3.8% year over year. This may all change soon. In September, pending sales were down 4.6%. Could this be another beginning of a triple dip? With ... [Read More]
In the past few weeks the real estate market showed multiple signs of a rebound of some sort. In 20 metropolitan areas prices rose 0.2% in August but were still down 3.8% year over year. This may all change soon. In September, pending sales were down 4.6%. Could this be another beginning of a triple dip? With Freddie Mac requesting for another $6 billion of your tax money and holding about 60,000 REOs from the market, which will take approx. 15 years to sell off, I don’t think our country’s rebound in a lot of areas will happen anytime soon and hope that the triple dip is not too severe.
Some help is on the way. The Federal Housing Financing Agency is trying to help change the market. They are making a few changes to the Home Affordable Refinancing Program to attract more borrowers and stimulate the mortgage industry and helping more homeowners. The National Association of REALTORS are also concerned with the state of our real estate market and has a 5 point plan that could get us out of this triple dip situation and stabilize the market. With any change, it will take a while for the changes to make a difference. Let’s hope that it won’t be too long.
There has been more then 610,000 foreclosures last month and represents a 1% increase then the previous quarter. On average it took 336 days to complete the foreclosure process nation wide. New York took 986 days to complete the process while Texas only took 86 days. Wow, Texas seems to be doing something different. President ... [Read More]
There has been more then 610,000 foreclosures last month and represents a 1% increase then the previous quarter. On average it took 336 days to complete the foreclosure process nation wide. New York took 986 days to complete the process while Texas only took 86 days. Wow, Texas seems to be doing something different.
President Obama is expected to help struggling homeowners with their mortgage payments. The Wall Street Journal reports, ”The administration’s plan is expected to eliminate “appraisals and extensive underwriting requirements for most borrowers” who are up-to-date on their mortgage and want to refinance at a lower rate”. This should help those who have been keeping up with their payments and were looking for assistance in avoiding foreclosure.
While most the country is having foreclosure problems, there are areas that are still doing well. These areas are the most expensive areas in the United States. The economy today doesn’t seem to hurt these types of properties. In fact, it seems to have increased the sales activity in this price range.
Here is an article that may be a spark to prospective home buyers… Cheaper to buy than rent in 78% of major cities Trulia: Dropping prices and rising rents boost affordability By Inman News, Thursday, April 28, 2011.Inman News™ It is cheaper to buy a home than to rent one in 39 of the nation’s ... [Read More]
Here is an article that may be a spark to prospective home buyers…
Cheaper to buy than rent in 78% of major cities
Trulia: Dropping prices and rising rents boost affordability
By Inman News, Thursday, April 28, 2011.Inman News™
It is cheaper to buy a home than to rent one in 39 of the nation’s 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.
Trulia’s rent vs. buy index compared the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of April 1, 2011, in the 50 most populous cities in the U.S. While 72 percent of the cities favored buying in the previous quarter’s report, 78 percent favored buying in this latest report.
“With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying,” said Ken Shuman, Trulia’s spokesperson, in a statement.
“As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home — much more so than in previous years.”
So you have it, another sign that the market is favorable or looking more favorable to the buying market. Good luck and Go Do It !!!
Cover of Flushed Away (Widescreen Edition) Wake up everyone!!! In this buyer’s real estate market, why are buyers still sitting on the fence? The interest rates are at the all time low and what are you waiting for??? Haven’t you ever felt that you always seem to “miss the train?” I hate to break it ... [Read More]
Cover of Flushed Away (Widescreen Edition)
Wake up everyone!!! In this buyer’s real estate market, why are buyers still sitting on the fence? The interest rates are at the all time low and what are you waiting for???
Haven’t you ever felt that you always seem to “miss the train?” I hate to break it to you, but if you don’t grab your luggage’s and paperwork, you will miss it again. Buying a house is here for the taking. Of course, it won’t fall in your lap. There are preparations needed. All I’m saying is, what more do you want to happen. If you have the nest egg, financial stability, family support, perseverance, etc… then let’s make the move. There will always be an excuse if you are not really ready to make the purchase. But if you are ready and excuses are flushed away, then GO DO IT!!!
