Friday, August 20, 2010

The beginning or the end

There has been a new wave of foreclosure homes come on in the Sarasota/Manatee market.

There is a 'rocket docket' basically a court docket for uncontested foreclosures to go through fast.

It does not mean we are necessarily in for another housing downturn.

Less people are defaulting on their mortgages. Rates continue to drop to historic lows.

Prices have stablized and inventory of resale homes is not fluctuating dramatically like before.

And those infamous adjustable rate mortgages that everyone feared well in a number of cases the interest rate has gone down significantly for those homeowners.

The bogeyman of a huge fall out from the ARM's is actually turning in to a windfall for some homeowners.

The asset managers for banks say we're in to a uptick for foreclosures for the next couple of years but the backlog is being cleared out.

This probably means prices will not go up dramatically but they should still start rising as the inventory drops.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
9