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Long Beach Housing Market

Foreclosures, here we go again
February 4th, 2009 3:22 PM
For a long time I have been trying to deny that I needed to be involved in the Foreclosure market.  I just thought that the banks had made it so difficult for all of us to get anything done that I would prefer to scale down my business than list or sell anything that was a Foreclosure, Bank Owned or REO property.  By the way these terms all mean the same thing!  Then last night I hear that the moratorium on filings by the banks was lifted yesterday and we are getting ready to see another flood of foreclosures come to the market.  I read the statistics on sales in the state and specifically in my market areas.  I was shocked to find that the affordability rate in California was now at 53%.  That means that at the current home prices with the current interest rates, 53% of the population of this state can qualify to buy a home with an FHA loan.  I never thought I would see a number that high.  For many of the past 5 years we heard numbers like 18% - 20%.  The interesting thing is that of all the properties being sold, many of them foreclosures, the purchasers are first time buyers.  If you have read anything on my website you'll know I have a soft spot for helping first time buyers.  In many cases buying a home can now cost you less than renting.  That's a fabulous thing and for many buyers will be the beginning of their family and wealth building for the future.  I knew when I heard all of this that I wanted to be more involved in finding these properties and helping the bank find buyers.  If you have any questions or comments about buying foreclosed property call me, we have allot to talk about.

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Posted by Heather Burke & Sarah Ireland on February 4th, 2009 3:22 PMPost a Comment

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