July 29, 2008 at 11:43 am · Filed under Gulf Coast Housing, Headlines, Pensacola, Residential, The Mortgage Market and tagged: Consumer Confidence report, Mortgage, Mortgage Bonds, Mortgage Rates, oil prices, The Mortgage Market, Today's Mortgage Market
Stocks are rallying today sending mortgage bonds lower.
Crude Oil traded below a significant support level around $121 per barrel today, and that triggered bullish sentiments on the stock market. In addition, Consumer Confidence for June was reported today at 51.9 slightly above the 50.0 that was predicted. This is not a significant move upward, but it is the first move upward since December. With oil down and confidence up, traders are pulling money out of bonds and putting it into stocks, and this as you know is not good for mortgage rates.
If you have a loan file in processing currently, I recommend locking your rate on continued volatility in the markets.
July 29, 2008 at 8:36 am · Filed under Affordable Housing, Condos, Foreclosure Help, Headlines, Residential, Seasonal Rentals, Short Sale, The Mortgage Market, Vacation Properties and tagged: buying opportunities, cheap houses, detroit real estate, foreclosure deals, foreclosure search, good morning america, Real Estate, Short Sale
While many home owners suffer across the country, the current market is creating unprecedented buying opportunities.
It is no secret that every story has two sides. You are pummeled in the media on a daily basis with the stories of doom and gloom about today’s housing market, and its affect on home owners nationwide. What you may not have heard about is the flip side of the coin which is the buying opportunities that are being created.
Throughout the last century, more millionaires have been created through real estate than all other business combined, and right now there is a clearance sale going on that could change your financial future. That may sound a little sales pitchy, but it is true. Those who position themselves correctly today will be poised for financial independence tomorrow. Those who listen to the mainstream media can sit back 2 years from now and talk about what they could have done but didn’t.
As reported on Good Morning America this morning, in Detroit, Michigan there are currently 1745 homes on the market for less than $10,000. That’s not a misprint. When you can buy a home for less than you would spend on a decent used car, there is a tremendous opportunity to create wealth and income. It is not just Detroit though, there are amazing buying opportunities all over the country right now, and if you are even considering buying a home, now may be the time.
Here are some free resources where you can find distressed properties nationwide. (some are free trials, but still worth visiting)
www.PreForeclosureFSBO.com (click on Investors)
www.Trulia.com (this one is general property listings, but they have an extensive database nationwide)
www.RealtyTrac.com (over 600,000 active foreclosure listings nationwide)
www.Foreclosure.com (free foreclosure search nationwide)
July 25, 2008 at 3:21 pm · Filed under Affordable Housing, Avoid Foreclosure, FSBO, Foreclosure Help, Gulf Coast Housing, Headlines, Pensacola, Perdido Key Condo Deals, Realtor, Residential, Selling Your Home, Short Sale, The Mortgage Market and tagged: Avoid Foreclosure, foreclosure filings, Foreclosure Help, foreclosure statistics, housing market, Mortgage Rates, realtytrac
Nationwide foreclosure statistics continue to rise.
According to RealtyTrac, the number of foreclosures nationwide are up 14% over last month and over 121% over the same period last year. For the 2nd quarter of 2008 there were more than 740,000 foreclosures filed nationwide. That equates to more than 8000 foreclosure filings per day.
While this is a frightening statistic, there is a light at the end of the tunnel. As we continue to see the bulk of foreclosures move through the system, a bottom in the housing market is eminent. Some estimates claim that we will see a bottom before the end of the year. For some areas of the country, the bottom has already come and gone.
This long term outlook is good for just about everyone except potential buyers. Those who wait for a bottom before buying may very well lose any gains through the monthly payment as mortgage rates have now risen to the highest level in almost a year. Over the last 9 months, we have seen the best buying opportunities available in decades, and those opportunities are going to become more scarce as we get closer to a bottom.
For those sellers still experiencing pain with their home, check out PreForeclosureFSBO.com. There you can find resources to help sell your home through a short sale and avoid foreclosure with the help of a nationwide database of investors, and help finding a local professional to get the job done.
