Foreclosure Recap – Week #39
Even in today’s market where foreclosure property can be great buys there are still some rules that you need to abide by and some things that you need to know. We’ll call them home buying tips. This article goes over the six biggest mistakes that homebuyers make from getting pre approved for the mortgage before shopping to people who focus in more on getting a great deal while overlooking a lot of other important aspects of the whole buying a house experience. These tips work great for people buying foreclosures but they are also good tips and points to remember after the market rebounds and you are out looking to just get a home.
Long Island’s Newsday paper brings us this story on how after four solid months of increased sales in the housing market as a whole across the nation has dropped back 2.7 percent over last month. This is not a huge setback and one that was almost expected and they feel that the sales will again head upwards but that the pricing structure is not going to be so quick to follow suit and that the market is finally predicted to hit bottom, at least according to this particular article writers opinion, some time early next year before the prices begin to also slowly rise. It is not going to be a fast recovery but the outlook according to Newsday is looking up.
Sticking with the State of New York here, the New York Times has a bittersweet story on a drive by residents to try and raise money to help save the animals that have been left behind due to foreclosures which forced families out onto the streets and into situations that did not allow them to take the family pets with them. It is called the Brooklyn Bridge Pup Crawl and it is a sad part of the foreclosure story that we as humans sometimes tend to over look our four legged friends while we focus on the plight of the people and the issues that they are having. The bright side is that by calling attention to it and getting the larger corporate sponsors that have signed on board to help out financially, it should help save a lot of animals lives that would have otherwise been cut short by this tragedy.
The influential Boston Globe newspaper posted this interesting diversion on people that are taking action in a rather odd way to try and get the banks to do the right thing and get people into houses rather than throwing them out of them. It is a very thought and emotion stirring bit of writing that should be looked over by anyone that has an opinion on banks, mortgages and foreclosures. In other words, it is a bit of writing that each and every person reading this ought to take the time to read through. You will come out with stronger feelings than when you started and there is a good chance that some parts of it might even make you question what you actually thought that you believed on the issue before you started reading. Now that is what a well-crafted piece is supposed to do.
Everyone knows that a great motivator to get you off the couch and looking into purchasing a home is that tax credit offered by the government. I mean who would not like a credit of $8,000 towards out already too high taxes? The problem is that people tend to see the finish line of $8,000 and in the process of racing to get that carrot at the end of the race, they miss some of the other things along the way that could potentially cost them more. In other words they might pay too much for the house to get that credit in time or they may just settle on a higher mortgage rate than they should to get the deal closed by the 30th of November. This article is a must read for anyone that is out there thinking about that credit and looking to shuffle into something before the time runs out.
A little uplifting news is always welcome though not always easy to find when you are discussing foreclosure news. This one comes form the website of the Dallas News and it is about a, who runs a yard of rock, borrowed against her dump truck to purchase a house that was going one auction block and then she returned it to the woman who had just been standing there crying because that home was being sold in foreclosure out from under her. The new owner arranged some do-able terms on a note for the auction value, which was about $50,000 less than what had originally been owed on the property.
According to a story in the USA Today newspaper, is you are looking to but a foreclosure and want to get a great deal then Daytona Beach in Florida is the place to take your money and run. It seems that sales there are up by about twenty percent while the average price is down by nineteen percent. Do the math and it’s pretty easy to see why this area of the country is an enticing area to shop if you are seriously looking to buy in this market. The story is here:
The recent rains and flooding in Atlanta have added some new concerns to the foreclosure problems there. The empty and foreclosed property there as a result of the flooding ahs gotten to the point that they are more than just eye sores and are now becoming health problems and causing the people in those neighborhoods to have more than just a little concern about safety and well being. The article on Fox News is located here:
The final story this week is a sad one from the city of Phoenix in Arizona. A man there opened the door to two people who had just purchased his house at auction and were there to arrange the moving of him out so they could take it over. The man shut the door and returned with a beer in one hand and a gun in the other and as the men ran away he fired at them. They were not hurt but police and SWAT team members returned to end the situation which came to a conclusion when the man fired at the officers and they returned shots hitting him and killing him. The depressing details of the altercation are located here:
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