The county of Los Angeles is still one of the most pleasantly livable in all of the United States. It is not surprising that the area has always been one of the hottest property markets in California. Non-residents are always found seeking and buying Los Angeles foreclosure homes for sale. Prospective homebuyers know that buying foreclosed homes is still the best alternative to buying a new house in the county.
As of August 2008, it was estimated that there were a total of 11,000 Los Angeles foreclosure homes for sale in the market. The large number gives more homebuyers greater opportunities to buy and own residential assets in the area at significantly marked down tag prices. Many analysts even assert that the foreclosure market in the county has become truly saturated.
Los Angeles is among the most populated counties in the country. There are 10 million residents in the area, and the number is constantly and continuously rising. In fact, Los Angeles is home to about 25% of all people in California. Thus, Los Angeles foreclosure homes for sale are very in demand, as there are numerous homebuyers who aim to purchase dwellings at reasonable prices.
Prices of homes in Los Angeles have only dropped 7% amid the national housing industry slump. It is just logical that home prices in the area remain high. As for Los Angeles foreclosure homes for sale, markdowns reach as high as 20% to 30%, still not as high as those in other states, but can already be reasonable enough for Los Angeles purchases. Despite its foreclosure crisis, Los Angeles is still noted in the country as one of the areas where homes remain expensive, both new and foreclosures.
By: Joseph Smith
Sabtu, 28 Februari 2009
A Guide to Buying Salt Lake City Foreclosed Properties
While foreclosures in Salt Lake City are at a record high many financial analysts are of the opinion that people who wish to buy distressed properties cheaply should do it now.
Salt Lake City foreclosed properties can be bought during various stages of foreclosure proceedings. Homes can be bought whilst in pre foreclosure, at a foreclosure auction, or through a lender.
A home owner in pre foreclosure would want to sell the home to try and avoid foreclosure and the resultant negative credit score. If you are planning on buying a pre foreclosure home, try and go through the County’s public records to check for any unpaid property taxes of secondary loans linked to the home, as once you buy the home, these liabilities could become yours.
Foreclosed homes at auctions are usually sold on an �~as-is’ basis and are ideally suited for the veteran home buyer. However, if you feel a good deal can be had, then go ahead, but not without doing some home work. A good idea is sitting through a couple of auctions before you place your first bid.
Once a home passes the auction stage, the deed is transferred to the lender. Lender’s are often in a rush to sell their foreclosed properties because they have to incur substantial recurrent costs in the properties’ maintenance. Also, lenders normally clear all arrears that are linked to a foreclosure home.
Looking for Salt Lake City foreclosed properties is not at all difficult and you can start your search on the internet. Do go through as many listings as possible before closing in on any one deal.
By Joseph Smith
Salt Lake City foreclosed properties can be bought during various stages of foreclosure proceedings. Homes can be bought whilst in pre foreclosure, at a foreclosure auction, or through a lender.
A home owner in pre foreclosure would want to sell the home to try and avoid foreclosure and the resultant negative credit score. If you are planning on buying a pre foreclosure home, try and go through the County’s public records to check for any unpaid property taxes of secondary loans linked to the home, as once you buy the home, these liabilities could become yours.
Foreclosed homes at auctions are usually sold on an �~as-is’ basis and are ideally suited for the veteran home buyer. However, if you feel a good deal can be had, then go ahead, but not without doing some home work. A good idea is sitting through a couple of auctions before you place your first bid.
Once a home passes the auction stage, the deed is transferred to the lender. Lender’s are often in a rush to sell their foreclosed properties because they have to incur substantial recurrent costs in the properties’ maintenance. Also, lenders normally clear all arrears that are linked to a foreclosure home.
Looking for Salt Lake City foreclosed properties is not at all difficult and you can start your search on the internet. Do go through as many listings as possible before closing in on any one deal.
By Joseph Smith
Sign of Real Estate Market Trouble
Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates. In some areas around Washington, D.C. and San Francisco, home prices have tripled in the last five years. While many homeowners have been enjoying huge increases in their equity, realized when they either sell their home or borrow against it, the market has become increasingly difficult for those trying to buy homes. It may get worse, as there are now some strong signs that the market may be near its peak:
The prices of homes in many markets are so high that few buyers can purchase them using traditional mortgages. In Washington, D.C., for instance, 48% of new mortgages are of the interest-only variety, where the buyer pays only the interest on the loan for the first few years. This keeps the payments low enough that the buyer can qualify for the loan. The problem is that the buyer is only paying interest and not actually contributing to the purchase price of the home. The fact that so many buyers are obtaining interest-only loans suggests that prices in those markets may be too high to be sustained.
Many home appraisers have complained that lenders are constantly pressuring them to �oemake the numbers” when appraising homes. Appraisers in some modestly- appreciating markets, such as Buffalo, NY, say that they are often given a value when assigned an appraisal, with the unspoken understanding that their appraisal is expected to come in at or above that figure. The lending industry is competitive, and lenders want to issue as many loans as possible.
It would appear that quite a few of them are even willing to lend money when the home doesn’t appraise for the asking price. Appraisers point out that if they don’t provide the �oerequested” figures, then the lenders will simply hire other appraisers.
The foreclosure rate is increasing. The rate increased in March and April over the same months last year, suggesting that more buyers may have discovered that they have mortgages on which they cannot make the payments. The foreclosure rates are the highest in Florida and Texas, which have foreclosure rates that are nearly triple the national average. With interest rates near historic lows, mortgages are more likely to become even less affordable as interest rates increase.
What this means for prospective buyers is that they must do even more research before buying a home. Buyers should genuinely consider whether or not they could actually afford to make home payments that include a reduction in principal. If a buyer can’t afford a home without taking out an interest-only loan, the buyer probably can’t afford the home. Buyers should be suspicious of home appraisals and should, if possible, ask the appraiser if they are being pressured to provide a predetermined figure. Every buyer wants his or her home to appraise for at least the amount of the loan. But the current market is one where buyers are straining to make payments on prices that are at record levels. The last thing any buyer wants is to strain to make payments on a mortgage that exceeds the value of the home. The real estate market is in a precarious state at the moment, and prospective buyers should do as much research as possible to make sure that they can both pay for, and keep, their new home.
By: Sharon Samraj
The prices of homes in many markets are so high that few buyers can purchase them using traditional mortgages. In Washington, D.C., for instance, 48% of new mortgages are of the interest-only variety, where the buyer pays only the interest on the loan for the first few years. This keeps the payments low enough that the buyer can qualify for the loan. The problem is that the buyer is only paying interest and not actually contributing to the purchase price of the home. The fact that so many buyers are obtaining interest-only loans suggests that prices in those markets may be too high to be sustained.
Many home appraisers have complained that lenders are constantly pressuring them to �oemake the numbers” when appraising homes. Appraisers in some modestly- appreciating markets, such as Buffalo, NY, say that they are often given a value when assigned an appraisal, with the unspoken understanding that their appraisal is expected to come in at or above that figure. The lending industry is competitive, and lenders want to issue as many loans as possible.
It would appear that quite a few of them are even willing to lend money when the home doesn’t appraise for the asking price. Appraisers point out that if they don’t provide the �oerequested” figures, then the lenders will simply hire other appraisers.
The foreclosure rate is increasing. The rate increased in March and April over the same months last year, suggesting that more buyers may have discovered that they have mortgages on which they cannot make the payments. The foreclosure rates are the highest in Florida and Texas, which have foreclosure rates that are nearly triple the national average. With interest rates near historic lows, mortgages are more likely to become even less affordable as interest rates increase.
What this means for prospective buyers is that they must do even more research before buying a home. Buyers should genuinely consider whether or not they could actually afford to make home payments that include a reduction in principal. If a buyer can’t afford a home without taking out an interest-only loan, the buyer probably can’t afford the home. Buyers should be suspicious of home appraisals and should, if possible, ask the appraiser if they are being pressured to provide a predetermined figure. Every buyer wants his or her home to appraise for at least the amount of the loan. But the current market is one where buyers are straining to make payments on prices that are at record levels. The last thing any buyer wants is to strain to make payments on a mortgage that exceeds the value of the home. The real estate market is in a precarious state at the moment, and prospective buyers should do as much research as possible to make sure that they can both pay for, and keep, their new home.
By: Sharon Samraj
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