According to Diana Olick of cnbc, foreclosures are down because of all the regulations imposed by states, especially CA. Now banks have to show proof of loan ownership before they can foreclose. That’s tough since the loans were “sliced and diced”.
Because higher priced houses are selling, the median price rose 1.5% from May- the 4th consecutive month.
Foreclosure filings are down which could lead to even less inventory in an already tight real estate market.
It’s to be expected that a non-judicial process that divests a defaulting property owner of their title to real property would be closely regulated to insure fair dealing and uniform application throughout the state.
It’s now at 3.66 for a 30 year fixed and under 3 for a 5 yr fixed. Who wants to do this with me? Hold for 5 years and then sell. By then, the real estate market will have picked up.Continue reading
America is on sale so money is flowing into our real estate market. In addition, exchange rates favor them. We are considered a safe haven. Usually its just treasuries but with the low interest rate being paid by treasuries, real estate is a real bargain.