Foreclosure Investing
Slow Market, High Hopes
Pennsylvania has seen a slow real estate market for quite some time now. Larry Mellott, a builder in York County compares the market with the 1960 British invasion of Fab Four mopheads, when barbers lost business because people wanted to keep long hair. Few of them who were innovative and smart could still retain their business became “hair stylists” and charged more for their services. Similarly, this is the time for the builders to show innovation and do things differently for example building smaller homes. The National Association of home builders reports that there has been a huge decline in builderβs confidence. The sale of new homes has declined from 3 to 58 from January to June. Much of this can be attributed to increasing number of Pennsylvania foreclosure homes. Due to foreclosure homes in Pennsylvania, very few new homes are being built.
Foreclosure Investing Facts
Considering the many problems that the housing sector is facing right now, it is certainly surprising that there is a sliver of hope available for buyers and investors alike.
Housing Market Woes Expected to Continue for Some Time
While the first step in battling foreclosures relies on getting homeowners to be able to keep up with their mortgage debts, officials say the long term economic effects that have already been established by the surge in foreclosures could take many years to heal. With thousands more Americans in every state still primed to go into foreclosure over the next year, continuing the trend of the past 3 years, the housing market is sliding deeper into one of its worst slumps ever.
Australian Lending Situation Has Parallels in United States
An interesting development in the Australian housing market could be a lesson to lenders and legislators here in the states. Australia’s housing market is in no way in the poor shape that America’s is, as they experience a much lower rate of default and foreclosure than we currently do. However, due to the new introduction of non-bank lenders in the country in the past few years, the banking industry has seen the margin borrowers pay has slipped. While in the past borrowers paid around 4% above the cash rate, only one year ago that figure had fallen drastically to nearly 2.2%.
Foreclosures Jump 60% Nationwide in February
The market for foreclosure investing is expanding into 2008 as predicted, as new studies show that foreclosure filings rose roughly 60% over the month of February. Interestingly, instances of bank seizures nearly doubled within the same time period, which indicates that more homes that are going into default are ending up being sold off as [...]
Foreclosure Investing: What to Look Out For
With the millions of foreclosure homes available for sale, buyers and investors everywhere are out looking for the best deals. if you must know, foreclosure investing is quite lucrative these days especially with the sluggish housing market. Many turn to these foreclosed homes because of their relatively lower asking prices and the large selection to [...]
