The encouraging news from this article is in the last sentence. Let’s hope we see some stability return to the market by the end of 2010.
Foreclosures Hitting Pricier Markets Harder
Foreclosures have worked their way through modest neighborhoods and are now hitting higher-priced markets.
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Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. One-third of borrowers owe more on their mortgages than their properties are worth, according First American CoreLogic.
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Mortgage applications continue to rise and fall as rates change. Here is latest report from the Mortgage Bankers Association and REALTOR.org.
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