From the category archives:
As foreclosure listings grew in many housing markets nationwide in June, the Wells Fargo/National Association of Home Builders HMI or Housing Market Index fell to 15, a difference of one point from last month. The index, whose maximum level is 100 points, reached its highest peak in December 1998 when it reached 78 and had its lowest level in January, when it had only 8 points.
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Positive reactions on the foreclosure prevention initiative from mortgage professionals, local realtors and builders were noted a day after US President Barack Obama unveiled his program.
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One of the questions that most people ask at one point in their life is whether they are ready to buy a home. Of course, once they have decided that they are financially-ready, the next question is if the timing is right. Most buyers do not realize how many benefits they would enjoy if they would only take time to check out the market and find out if conditions are in their favor.
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According to the Federal Reserve, more banks have decided to tighten their lending standards particularly on home loans including traditional prime housing loans, non-traditional mortgages (subprime and “interest only” mortgages). This decision is not remotely surprising as most of the banks have been losing much money over defaulting mortgages. Their large inventory of foreclosure homes are poised to get even bigger as sales activity remains sluggish.
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At the same time, there will also be an increase in the market for bank foreclosures. Last year witnessed high foreclosure rates in some of the top metropolitans and this has created a database of foreclosed homes for first time home buyers. The availability of unusually high number of foreclosed properties also means that there will be more investors and buyers in this market than in the real estate market where the prices are sky rocketing.
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