Rescue me

There is no doubt that a lot of our business so far this year has been foreclosures.

For a while it felt like you couldn't go anywhere without seeing one. More coming on the market everyday and more lenders going to the Manatee County courthouse to file suit for foreclosures every month.

Well this gravy train seems like it may come to and end soon. Fannie Mae and Freddie Mac are looking at a rescue plan.

Some of the major banks have already put a stop to foreclosures on principal residences and others are joining in.

What's up with that?

Imagine renegotiating loans so that people can afford to stay in their homes instead of going through the all the expense of foreclosing on them. What a novel idea for the lending world.

Well this may be good news for homeowners, I tip my hat to them for sticking in there while the lenders finally came to their senses.

On the other hand for my investors and clients looking for a steal of a deal we're going to have to get our running shoes on.

It doesn't appear the investment homes are protected but the best of those are being snapped up in the under 200k range.

The higher end ones of course are moving a tad more slowly.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com