US Sees 1.2 million foreclosure homes in Q2 2008
More than 1.2 million homes entered some stage of the foreclosure process in Q2 20008. According to the Mortgage Bankers Assocation (http://www.MBAA.org), in a report issued Friday, this figure represents 2.8% of all existing home loans in America.
(EMAILWIRE.COM, September 08, 2008 ) SAN FRANCISCO – (OBSNews.com) - More than 1.2 million homes entered some stage of the foreclosure process in Q2 20008. According to the Mortgage Bankers Assocation (http://www.MBAA.org), in a report issued Friday, this figure represents 2.8% of all existing home loans in America.
This figure is the latest chapter in a saga that includes seven straight quarters that demonstrate increasing foreclosure activity. The difficult news is not welcome for most in a country that has been battered by the housing and mortgage crisis for more than two years.
The recent figures are added to previous homes that are involved in foreclosure activity to reach a total of nearly 2.9 million homeowners. The states most hard hit by this recent foreclosure activity are California, Florida, Nevada, Arizona, Ohio, Michigan, Rhode Island, and Indiana.
Consumers seek deals in foreclosure homes
For those consumers who are looking to buy a foreclosure home there are many opportunities for the prepared. Despite the current mortgage loan environment that favors buyers with great credit scores, ample down payments, and high provable incomes, there are many deals available on homes.
One company that helps would-be homeowners buy properties from banks and real estate investors, TheHomeBuyingCenter.com (http://www.TheHomeBuyingCenter.com), reports that activity is brisk and increasing. Company president Patrick McGilvray mentioned that his company is very active in counseling hopeful buyers about market conditions and providing referrals to investors and agents across the country who specialize in selling foreclosure houses, also known as REO or real estate owned houses.
"Banks have a huge incentive to sell the houses they have taken back in foreclosurae," said McGilvray. "Every day they have a vacant house on their books it costs them money. They are very glad to offer discounts to the buyers we bring them, and they want sell houses faster than they repossess them."
McGilvray mentioned too that homebuyers interested in making offers on bank-owned homes must understand that many banks will require mortgage loan pre-approval through their own mortgage lending divisions before they will even consider an offer. While not illegal, this practice has angered many real estate professionals who are frustrated by banks perceived interference with normal market processes.
The bottom line is that there are many deals out there, but there are hidden challenges as well, even for the prepared.
Source: OBSNews.com (http://www.OBSNews.com)
This figure is the latest chapter in a saga that includes seven straight quarters that demonstrate increasing foreclosure activity. The difficult news is not welcome for most in a country that has been battered by the housing and mortgage crisis for more than two years.
The recent figures are added to previous homes that are involved in foreclosure activity to reach a total of nearly 2.9 million homeowners. The states most hard hit by this recent foreclosure activity are California, Florida, Nevada, Arizona, Ohio, Michigan, Rhode Island, and Indiana.
Consumers seek deals in foreclosure homes
For those consumers who are looking to buy a foreclosure home there are many opportunities for the prepared. Despite the current mortgage loan environment that favors buyers with great credit scores, ample down payments, and high provable incomes, there are many deals available on homes.
One company that helps would-be homeowners buy properties from banks and real estate investors, TheHomeBuyingCenter.com (http://www.TheHomeBuyingCenter.com), reports that activity is brisk and increasing. Company president Patrick McGilvray mentioned that his company is very active in counseling hopeful buyers about market conditions and providing referrals to investors and agents across the country who specialize in selling foreclosure houses, also known as REO or real estate owned houses.
"Banks have a huge incentive to sell the houses they have taken back in foreclosurae," said McGilvray. "Every day they have a vacant house on their books it costs them money. They are very glad to offer discounts to the buyers we bring them, and they want sell houses faster than they repossess them."
McGilvray mentioned too that homebuyers interested in making offers on bank-owned homes must understand that many banks will require mortgage loan pre-approval through their own mortgage lending divisions before they will even consider an offer. While not illegal, this practice has angered many real estate professionals who are frustrated by banks perceived interference with normal market processes.
The bottom line is that there are many deals out there, but there are hidden challenges as well, even for the prepared.
Source: OBSNews.com (http://www.OBSNews.com)
Press Release Keywords:
realtor, sell house fast, we buy houses, cash for homes, mortgage, foreclosures, foreclosure expert,
realtor, sell house fast, we buy houses, cash for homes, mortgage, foreclosures, foreclosure expert,
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