Homes in foreclosure had been delinquent for 507 days on average, up from 406 days a year ago. Excess supply continues to drive prices downward, but the silver lining is that the rate of decline is decelerating.
Banks are taking longer to Foreclose on homes…which of course is great for the current homeowners. More inventory is not always a good thing, though. And with the recent increments of rise of the interest rates, buyers are on the fence wondering if now is a good time to buy.
With the uncertainty of interest rates, and the certainty of an abundance of homes, it sounds like an optimal time to purchase a home. Selling a home of course is only going to become more of a challenge as prices decline. If you are a Seller, weigh your choices…and as that old saying goes, “you haven’t lost it till you’ve sold it”. If you can ride out the market…experts state that it will take two to three years before we recover. Makes me wonder, since they said that back in 2007/2008.
The latest news is that we should see the “HUD” days again. Which means that those borrowers who purchased a home through a government backed (insured) home are now beginning to default. Giving rise to more inventory.
Does anyone really know where this is going? All anyone can do is read and educate themselves on the economy and take advantage of the low home prices (overall at half of what they were in 2007). There is a silver lining ahead… We have to believe that and act accordingly to do what we can to stimulate this economy. With the rise of home sales comes the rise in other sectors of employment. Construction, lumber, concrete, etc…will follow.