Foreclosure Times The Best Time To Buy Houses
September 17th, 2008
It is debatable whether foreclosure times of today are the best time to buy houses. Commenting on the pros and cons Mike Thomas opines that he has always been predicting the worst from February 2005. He compared the value of the house to a giant flushing sound of the toilet. Those in the building industry had shrugged off his doomsday prediction. But today all that is coming to be true. Realtors are desperately trying to convince themselves and everybody that recovery is knocking but Thomas shrugs it all off as propaganda.
Against this background it may come as a surprise when Thomas gives the advice that this is the right time to purchase a house. He is drawing his conclusions from the bail out of Fannie Mae and Freddie Mac. There is more to it than meets the eye.
Price of houses have fallen and fallen fast. Now the value is down to the level of February 2005 after having completed a full circle. More than three years of hype and rise have been flushed out. The average working man in Central Florida can now be able to pay for an average house. If speculators had not pumped in funds in a jumbo boom and zoom in constructions and conversion of condos the market would have been normal today. On the contrary there is a surplus of houses. The foreclosure crisis is making it worse by adding to the inventory. On top of this are the twin woes of credit crunch and inflation – all pointing to recession. Now the market is reasonable but the selling conditions are bad – really bad.
This means that it is the ideal time for those who can buy to make the best of the opportunity. That is exactly what is happening – albeit slowly. The foreclosure crisis is raging but nevertheless people are quietly buying houses.
Florida is one of the areas worst hit by foreclosures. But here too house sales have increased by 12% in July as compared to the July of 2007. The numbers of sales contracts that are pending have also risen. Many critics will point out that most of these are short sales or sale of properties that have been foreclosed. It is true. It is also true that this is part of the healing measures. The increase is not evenly distributed – it being better in those regions where the job market is satisfactory like northern Florida in comparison to the southern half.
Florida Repo Houses for Sale by Top Cities
- Jacksonville Repo Houses
- Tampa Repo Houses
- Fort Lauderdale Repo Houses
- Miami Repo Houses
- Orlando Repo Houses
- Hollywood Repo Houses
- Pompano Beach Repo Houses
- Fewer Foreclosures Among Low-cost Brooklyn Homes
- Bank of America is a Lagging Behind in Loan Modifications to Prevent Foreclosures
- The Aftermath of the Housing Boom is Followed by Foreclosure Doom in Homestead
- Lenders Being Legally Challenged for Activating Predatory Lending
- Foreclosures Have Made Life for CEO’s Expensive and Fraught With Fear
- With Foreclosures and Unemployment Continuing it is Doubtful if Recession is Over
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