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(English) Foreclosures: Are They Increasing or Decreasing?

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28 comentarios
  1. Liz Listings
    Liz Listings Dice:

    I’d say its a good time to buy for the long term Jim. It’s definitely a buyers market and there are some great deals out there. Most markets are at or near bottoms.

    Where I’d be hesitant to buy is if you may be in a position to have to resell in next 5 years or so. The days of buying homes for a few years are over – at least for now. I’d only buy for the long term – and I’d stalk the market. No reason to pay up for anything right now.

    Responder
  2. Ken Montville
    Ken Montville Dice:

    I’m not sure it’ll take another 5-8 years to clear through the inventory as Jim G. suggests. However, lender standards need to relax a bit so that first time home buyers can enter the market and buy up some of these properties.

    The housing inventory (number of homes), distressed or not, will continue to be a drag on the economy and the housing market as long as lending is so tight.

    So, if you can get a mortgage, it is a good time to buy. Prices are down, rates are low, etc. If you can’t get a mortgage, the question is moot. You can’t buy whether it’s a good time or not.

    Banks also need to streamline their short sale and foreclosure process so that it is :
    a) legal with attention to due process
    b) accurate
    c) efficient

    The biggest problem, in my view, for a lot of the excess inventory is that banks don’t allow short sales to sell. It doesn’t make sense. The banks would actually net more money in a short sale vs a foreclosure but they just don’t seem to get it.

    Thus, short sales become foreclosures and the foreclosure numbers go up.

    Responder

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