What The Road Ahead Looks Like For The Real Estate Markets
by Tim Robbins,
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on the net: http://.NjShortSalePros.com
UNITED STATES, Oct 16 — In today’s real estate industry and mortgage market it is becoming a big fight just to keep the deal together. This is not because of price or deposits it is because the banks and lenders make it tough for everyone to get a mortgage. People with good credit and assets are being put through the mill and pressed harder than ever in history.
Now this does not mean that REO homes are always in bad condition in fact unlike any time before many bank homes are in great condition but the price has been reduced for a quick sale
I
n today’s real estate industry and mortgage market it is becoming a big fight just to keep the deal together. This is not because of price or deposits it is because the banks and lenders make it tough for everyone to get a mortgage. People with good credit and assets are being put through the mill and pressed harder than ever in history.
The Mortgage industry just keeps stepping up with problems caused by their own hand, now we are seeing the Halting of foreclosures due to the fact that banks may have processed files fraudulently. Go figure with all that has taken place over the last four years and all of the failure of banks to work with homeowners to work out the problem they created.
Here are the facts that most people don’t know about the mortgage and housing melt down! The number one listed problem for foreclosures is not because of Sub-prime or fancy mortgages like most think. It is Medical Bills that have caused more problems for people than any other problem the next is job loss.
These problems are not going to go away anytime in the near future this is for sure, people lose their jobs they also lose their health benefits. Oh they say there is always COBRA, but the fact is in most cases and unemployed worker cannot afford to pay for their insurance through COBRA with unemployment insurance payments and live.
Now where the market may head in the future!
If you are person who has a stable job and your credit has not taken hits from the banking industry like many people have over the last few years, consider yourself fortunate. Many good people who watched what they spent and always paid their credit card bills on time have seen their credit scores drop significantly. The credit card companies in most cases are the same ones who control the mortgages in this country and they have hit the consumer on both ends. Now if you are one of the good people who have survived the past credit issues you are in the best drives seat when it comes to buying a home.
Mortgage Rates are at the Lowest in History!
If a person has a credit score that are over 620 and has not late payments in the last 12 months you are one that can get a mortgage approval. But don’t move to fast, you are still going to go through the wringer to get that approval. You are going to have to show everything and things you didn’t even think of but it will be worth it. Today getting mortgage at the rates of today is the best hedge against future inflation that will happen in the near future. The one thing that is certain is that inflation will come we just don’t know when! With a mortgage payment that is at an all time low, as opposed to a rent payment that will have to go up in the future, you will have your hedge against inflation with a 30 year fixed rate mortgage at a rate at and all time low.
Home Prices and Interest Rates so Low you can’t miss!
Home prices and inventory makes this a great time to buy a home, your choices are plentiful and the deals are out there for the buyer who is prepared before they buy. Being prepared is the most important step in the buying process. Having a mortgage approval can make your deal even better. In fact today no homeowner or bank will even look at an offer without the mortgage approval and or proof of funds attached to the offer.
All things being in place for you as buyers you can go out and find that perfect deal meaning price and options you dream of just remember Short Sale homes are usually in better condition than a Bank Owned home that has been vacant for many months.
Now this does not mean that REO homes are always in bad condition in fact unlike any time before many bank homes are in great condition but the price has been reduced for a quick sale. Whether you look at Bank Owned or Short Sale homes are prepared to do work and be patient on both these is the time in history when it will really pay off big for the buyer who waits. It like the old say “Good things come to he who waits”
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In today’s real estate industry and mortgage market it is becoming a big fight just to keep the deal together. This is not because of price or deposits it is because the banks and lenders make it tough for everyone to get a mortgage. People wit
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