4933 San Carlos, Sierra Vista HUD home
HUD manufactured home in Sierra Vista is back on the market with lowered price. Now $72,000.
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We published two posts about the advantages of simply walking away from your mortgage if you are seriously “underwater.” Brent T. White, Associate Professor of Law at The University of Arizona made that recommendation in an article he published. Depending upon what state you live in, this may not be sound advice.
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If you are reading this on our site, the post immediately below this one (“Housing Market Near Bottom?”) is about a neutral to upbeat outlook on the housing market.
Taking a different view is Dean Baker, co-director of the Center for Economic and Policy Research. He says that adjusted for inflation, housing prices are still 15 to 20 percent higher than they were in the mid 90’s. He went on to say, “If anything, I expect housing to be weaker than normal rather than stronger over the next decade.”
Don Grafues
Resource: REALTOR.org
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Douglas 1948 site built HUD home reduced to $51,000.
Charles Haldeman, CEO of Freddie Mac, speaking at the Detroit Economic Club on Tuesday said he believes the housing market is at or near bottom.
The number of foreclosed homes continues to be an issue and could be a major factor in a continuation of a market decline. In a
prior post last December we reported there are 1.7 million homes facing foreclosure. There were
2.8 million foreclosures in 2009.
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Two new articles are published about the loan modification programs. The articles can be found in the right sidebar under “mortgages” and are titled “Making Home Affordable; Refinance” and “Making Home Affordable; Modification.”
These articles provide detail information on the two approaches to loan modifications; qualification requirements, how to apply and what to expect. There are numerous links to other sites with additional information as well as necessary forms.
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The cessation of the government program to buy mortgage-backed securities, set to end in a couple of months, will show whether the White House and Federal Reserve have effectively stimulated the lending market to the point that it is now on solid footing.
If you saw our post yesterday titled “Loan Sharks” you saw where builders of new homes are being quoted rates between 12 and 20 percent.
I have a fear that the market will not fare well at all if lenders don’t start making loans.
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If you are looking to buy a home and take advantage of the Home Buyer Tax Credit but are having trouble arranging credit you are not alone. Builders of new homes have traditionally turned to banks for financing. Today builders are finding that financing hard to get.
At The International Builders’ Show last week in Las Vegas builders met with lenders to (hopefully) arrange financing. Lenders were quoting rates from 12 percent to 15 percent. Some banks and funds quoted rates as high as 20 percent. A builder could find using a credit card to be more economical.
The availability of credit is a major deterrent to a housing recovery.
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