Recent surveys by many consumer groups are reporting that consumer confidence is decreasing, foreclosures are rising and homes fore sale are sitting on the market longer. This all plays into the psychology of home buyers.
Could the November foreclosure rates be a sign that we are near the bottom?
Approval of the extension of the home buyer tax credit, for first time home buyers, has given home buyers until September 30, 2010 to arrange a closing and still qualify for the $8,000/$6,500 tax credit. The original deadline was June 30, 2010 but due to data released in May 2010 revealing sharp declines in sales of existing and new homes and continued foreclosure activity.
Should regulations be put on the mortgage industry to provide a stable and profitable real estate market?
The biggest warning that financial investors give to homeowners now days is to avoid biting off more house than your financial future can swallow.
The steps of foreclosure begin when the lender is no longer willing to work with the property owner to bring the loan balance to current status. While there is no concrete law regarding the number of missed payments which must have occurred, some lenders are willing to delay longer than others hoping to avoid the cost, time and paperwork involved.
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