House Prices Fall Yet


As of November 28, 2007, US house prices have fallen yet again to ever lower level making it the lowest fall in 21 years. One of the biggest mortgage lenders in the US, Freddie Mack who had earlier announced that he was setting aside $1.2Billion for anticipated and forecast losses has upped the ante to the tune of $6Billion making this year the worst ever for the housing sales industry.
Mortgage lenders provide financing for people who buy houses with not so good a credit score. The problems just keep on coming to the market with fluctuating oil prices dampening spirits on a swift recover and a possible end to the housing crisis.

Selling, don’t just look for buyers!

sale.jpgIf you’re seeking to sell your home and you want it done fast, then don’t just go out hunting for buyers but for the people who may know buyers themselves. You may have to shell out some money for referrals but they sure beat the fee’s brokers charge for their services. With more and more trying to cut out agents and going out to do the selling on their own for apparent reasons, this has proven to be a good way of getting to buyers. It also helps to go out once in a while to look for them rather than have them come to you for even with the current rock bottom prices, not many are buying due to the slowing economy.

Real Estate in Canada Slows Down

1.jpgAccording to a Canadian economist, housing market in Canada is no longer in boom. Another one commented that there have been convincing evidences that popularity of real estate has come to an end. However, there are reports showing that although the market has no longer its record-breaking pace as compared to the previous years, it is still considered healthy. In the past 10 years, housing market in Canada stayed on top but according to Canada Mortgage and Housing Corp., MLS sales is expected to drop by 8.5 percent this year and by 2009, there will be another 2.3 percent decrease.

The Banker Who Saw it all coming

banker.jpgCharles Morrison is a respected economic historian and banker who has been accredited by many to have predicted the economic crash we are all facing. Being a banker who designs investments and hedge fund packages, which is packaged for credit instruments and he saw all this coming last spring 2007. He tried to tell people that a “Mother of all Crashes” was coming yet nobody listened and politicians continued to say the economy was doing great with the proper mix of inflation, growth and employment. He saw the immense volumes that were being traded on Wall Street which were too good to be true and went ton by saying this can’t all be true. He was in the industry and he knew what he was talking about yet still nobody listened. The crunch came when too much volume was traded with no sure way of accounting the validity and effectivity of the economy. Then it all came tumbling down taking all of us in the process.

Arson and Foreclosures

arson.jpgCases of arson are on the rise as more and more homeowners turn to it as a tool to destroy their long time investments gone badly. Houses which people used to own are being burned on the orders of their previous owners who could not handle the grief of loosing their homes. Many do not have any alternatives in terms of residence ending up in rental homes or apartments. Grief sets in and even anger which triggers them to make irrational decisions such as burning their previous homes so no one else can benefit from all their hard work which went down the drain.

Mortgage Rates Drop – Refinance?

By all means for interest rates are at their lowest and with other government incentives in place to make the process fool-proof(or so they claim) you may just manage to get off foreclosure row in case you have been uncertain of your financial future. Just be sure you have a proper plan on hand to manage the help you get for mess it up again and you stand to join the 1.5 million homes that have already gone up to foreclosure, and that’s only for the first half of this year, who knows how much more would be added to the figure as the economy tries to recover.

Foreign Buyers Fuel Ailing Housing Market

foreign.jpgThe movements seen in housing markets are found to be coming more from foreigners buying homes for their vacation purposes globally. The problems in the US housing market have effects that have traveled around the world many times over and economies are paying the price. The financial market has been so shaken up that businesses are reeling in the after effects. Fewer houses sold – fewer jobs to build them, more jobless people – less home buyers and the effects just keep piling up. Good thing the European and Asian Markets are faring better that their American counterparts. The Euro has been climbing steadily against the dollar which has dipped time and time again as the government tries to get a handle on the problem. The US government has its hands full with internal and external issues they have to deal with and it may be too much even for them.

West Palm Beach Opens Foreclosure Assistance Centers

westpalm.jpgThe move shows the current status of the formerly booming housing market in the purely vacation area that is Palm Beach. The area has a current foreclosure rate of around 70% and people are losing their houses due to the bad credit loans problems that is currently rocking the nation. The Assistance center is possible with the participation of the US Department of Housing and Urban Development and the State in efforts to avoid the foreclosure of their homes as much as possible. The assistance center will be helping homeowners to re-negotiate their mortgage payments, repair their damaged credit standings and even pay the amount of $ 10,000 to the people behind their mortgages to defer some of the unpaid debts they owe.

Scammers capitalize on hope

Hope is a good thing, but it can also be exploited by scammers who capitalize on this to make bogus offers and steal money from honest folk. Imagine having a bad credit rating, and in dire financial straits. You suddenly get an email from a bank saying that you’ve qualified for a loan application. Your heart jumps, and for the first time in a long time, you feel happy. The email asks you to go to a site, fill out a form that asks for your Social Security number and other information, then asks you to pay a processing fee. At this point you’re not thinking straight, so you just and pay the amount asked. And then you wait. And wait some more, but you do not receive any reply. Be careful with operations like this, and always think twice before committing any information and money over the net.

Some Basic Tips for Investing

Property purchasing can be a really trying thing. Anywhere where money spending is an activity is trying. It is a good ting there are some basic tips to look at before buying property.

Research and compare; take your area and look at it and surrounding areas for tax, price, and school performance data. These data are easy to get and very helpful. A lower tax is always a better deal and can be a deal clincher. School statistics, positive performance is evidence of attention and funding, and is a very important thing for families. An area with families is a pleasant place to live which may add to demand to live in the area. Finally, you need to compare prices. Tax considerations and school performance may be great but if the price of a house is beyond the budget, the plan will not work. Looking at surrounding areas that may be cheaper may be the next best but the best thing for you.

Doing this easy homework can make buying property easier for you to do.