Foreclosures list prices and sales pulled down the average home sales price in Grand Rapids, Michigan in September, based on data from the Grand Rapids Association of Realtors.
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From the category archives:
Home Sales
As mortgage lenders accumulate losses from foreclosure listings and as they implement stricter processes and more requirements for loan applicants, incidents of loan fraud have started to increase.
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According to the Mortgage Banker’s Association, their mortgage applications index has plunged by 23 percent, from 591.4 to 455.4 during the week that ended September 26.
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With the housing industry still trying to recover from the losses suffered because of the mess in the subprime market, it is indeed surprising that the government-sponsored enterprise Fannie Mae has announced that it is making an effort to boost finances. Unfortunately, this effort comes with a high price for consumers.
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If you have managed to escape the subprime mortgage mess, it should not mean that you will let down your defenses. One of the ways you can easily avoid losing your home to foreclosure is by organizing your finances early on.
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Sometimes, homeowners will simply have to accept the fact that they have over-extended themselves and can no longer afford to stay in their homes. But this does not mean that they should simply wait until the foreclosure notices arrive. A foreclosure can still be avoided by deciding to sell the property.
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In the past couple of years, millions of homeowners have started having problems with their mortgage payments, mainly due to the aggressive lending practices that were prevalent in the last home buying boom.
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Another option that troubled homeowners should explore if they can no longer meet their mortgage obligations is refinancing. But before you heave a sigh of relief, you should know that this option is not for everyone.
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It is not at al surprising that many homeowners are struggling to make their mortgage payments considering the unbelievably-high prices of fuel and increased cost of living. Therefore, it is not remotely impossible to find yourself with no money left to cover your mortgage payment for the month.
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Highlighting the low demand and sluggish market that have been plaguing Michigan for most of the past few years and contributing to its sinking property values, the amount of property sales in the Kalamazoo area fell again in April for the fourth consecutive month. However, the rate at which homes sales are declining is slowing, which may signal the beginning of a turnaround in the market.
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