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More Homes For Sale, will benefit Home Buyers in Mount Pleasant Charleston SC with Lower Home Prices
Lifting of the foreclosure moratium, may flood the market with more homes for sale in Mount Pleasant Charleston SC area. Bad news for home sellers, where the real estate market is very competitive in at certain price ranges and locations. Good news for home buyers, this should help lower prices further and make some sellers more motivated to sell.
New Economic Reports Suggest Middle Class May Have To Wait For Economic Recovery
Dawn Teo, Arizona Politics, Posted April 6, 2009 | 05:30 PM (EST) - A few good numbers in March -- gains in consumer spending, higher number of home sales, increases in factory orders -- seems to be all it takes for some Wall Street analysts (and real estate agents) to declare a bottom and optimistically advise the public to buy, buy, buy. But the bottom is not so simple, especially if you're the middle class where your job and the value of your home matter most.
Real estate agents are ecstatic that transactions are up and inventory seems to be stabilizing. A real estate agent told me over the weekend that in a few months it may be too late to take advantage of these deals, exclaiming, "This is the bottom. Now is the time to buy."
However, the number of for-sale signs may be set to increase again as foreclosure evictions that had been temporarily suspended by a moratorium are set back in motion.
In November, when the Bush recession was beginning to look like a Bush depression just in time for the holidays, Freddie Mac and Fannie Mae established a moratorium on foreclosure-related evictions. In early January, the Fannie-Freddie moratorium was scheduled to be lifted, but Fannie and Freddie announced an extension to give the incoming Obama administration a chance to develop a foreclosure abatement program. In February, the moratorium was extended again.
Obama presented the general tenets of his foreclosure abatement plan in Phoenix in February. After full details were released to the public in early March, Fannie discretely announced that the moratorium would be lifted on March 31. The Freddie announcement was a barely noticed 'also-announced' within a press release related to renters who occupying foreclosed homes.
The moratorium passed almost without notice. Freddie Mac spokesperson told the Washington Independent that he couldn't see how people were surprised when the moratorium was lifted.
The following day -- the official launch date of Obama's foreclosure rescue programs, April Fool's Day, foreclosure-related evictions began anew (to the surprise and chagrin of many community organizers and housing advocates).
According to Ion Data, in metro Phoenix, one of the areas of the country hardest hit by foreclosures in recent years, pre-foreclosure filings (notices of trustee sale or NTRs) increased throughout the month of March (right after Freddie and Fannie announced that the moratorium on foreclosure-related evictions would be lifted April 1). A record number -- 10,689 -- were filed. Most were for residential single-family homes, and more than two thirds were filed in the two weeks preceding the pre-announced end date of the moratorium. Nationally, foreclosures increased in January and February.
To read the rest of the article, http://www.huffingtonpost.com/dawn-teo/new-economic-reports-sugg_b_183579.html
Charleston Mount Pleasant Real Estate For Sale
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Today's Rates:
| 30-yr Fixed | 4.56% | 4.71% | | 15-yr Fixed | 4.03% | 4.24% | | 1-yr Adj | 3.7% | 4.59% |
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