The U.S. government announced in March that forclosed homes prices have been increasing 1.7 percent month by month. The announcement was made in Washington D.C. on March 25, 2009 by the Federal Housing Finance Agency (FHFA) when it reported its monthly House Price Index. This could signify the start of a recovery of the housing market and people who are still thinking of buying should act quickly as houses are going and going fast in some states.
According to the Commerce Department, house sales increased up to 4.7 percent from December to January. This was an increase of 15,000 units from the predicted 322,000 units in January. However, the month still remained the worst performing on record since 1963 even after the January sales results were revised.
Realtors in South Florida reported a 5 month increase in sale of up to 35 percent when compared to last year’s sales. These figures, together with those released by The Commerce Department, prove the popularity of South Florida to investors. Dean Gasabi, a realtor from International Agents says that he has investors from around the world who are interested in buying property in South Florida. The inquiries were so many that he has had to ask his wife to help him, he continues.
The popularity of south Florida forclosed homes can be attributed to two things: the need to own a good home at an affordable price, and the need to enter the real estate market either to lease or sell houses. First time home buyers are among the many investors in south Florida homes. The Obama government has made a provision that makes it easier for first time home buyers, (anyone who has not owned a home during the last 3 years), to buy homes. These investors are entitled to an $8000 tax cut when they buy homes.
The Bedford, VA. Real Estate Market is full of Military History and rural living. The homes in this rural Virginia town bring to mind our country’s rich and storied history. If quiet, country living is your thing, Bedford is the town for you. Bedford has both beautiful homes and a calm, scenic location. It is just close enough to some urban areas that you do not feel isolated so you can experience city life any time you want, yet it is far enough away that you will not necessarily feel like you are living in the city. It also presents wonderful opportunities for both Real Estate Purchasers and Real Estate sellers alike.
Bedford, VA is mostly known for its National D-Day Memorial. Bedford is home to this memorial because of the fact that it lost more men per capita on D-Day than any other community in the United States, with 19 out of 3,200 Bedford residents killed on that fateful day.
The Bedford, VA. Real Estate Market has a house available for just about any price range. There are many homes available in the range of $100,000 – $200,000, but quite a few below and above that. Keep in mind the cost of living in Virginia, when you are considering homes in Bedford. Though the cost of living in this town is not as high as other parts of the state, you may pay a little more for a house here than a similar home in an area with a higher cost of living.
When it comes to attractions, Bedford has many. Besides the aforementioned National D-Day Memorial, there are also many things to do if you are an outdoorsman or simply enjoy rural life. The nearby Peaks of Otter in the surrounding Blue Ridge Mountains are a beautiful site to see no matter what your interest in the outdoors is and there are many things to do in the surrounding wilderness, including hunting, fishing, boating, bird watching, hiking and camping.
As far as its demographics are concerned, Bedford was home to approximately 6,300 people in a census taken in 2000 and the median income for a family in Bedford was $35,000. A slight majority (27%) of the population of Bedford is in the 25-44 age range and 43% of households consist of married couples living together. Bedford is a quiet, rural community of primarily blue collar families that welcomes one and all.
At the end of the day, if you are looking for a great place to raise your family but lack the income to consider a home closer to nearby Washington, DC or Lynchburg, Bedford may be a great place for you to start your foray into Buying Real Estate or Selling Real Estate.
Many first-time home buyers get their start with the type of homes in the price ranges available in Bedford. Don’t be fooled by the prices, though; the Bedford, VA. Real Estate Market is chock full of some really great deals if you really look. Bedford is a great place to live if you want rural living with a close proximity to some great urban centers and historical attractions. You will love it if you’re in search of a great life.
Foreclosures are increasing because borrowers with Adjustable Rate Mortgages (ARMs) are seeing their monthly mortgages payment go through the roof. That leaves people in real financial difficulty and unable to pay their monthly payment. As these mortgages adjust, usually three years after people buy their house, people see their payments go up 10% to as much as 200%. This is truly an issue that is affecting a huge number of upstanding Americans, and it is important to know what to do when you, or someone you love, is in this situation.
The most important thing to do, when you are facing possible foreclosure, is to answer your phone. Don’t ignore the calls asking for payment, no matter how tempting it feels to bury your head in the sand. Answer and ask to speak with the “workout department.” The bank really does not want to take your house. They are not in the business of owning houses. They just want your payments. Answering your phone and talking with your bank allows you to learn what your options are.
Your lender can renegotiate terms more than they are generally willing to admit. This is called a “workout” and can involve adding the amount you are behind to the end of the mortgage, renegotiating the interest, and other strategies meant to keep you in your home and keep the payments coming into the lender.
Many pre-foreclosure options are ignored for lack of information. There are several options when you are facing foreclosure, and it differs in different states. The most important thing to remember is that you must act now. Usually the timeline from foreclosure to sale is short so you need to act and start some of the below in motion.
Talk with a Housing Counselor. There are lots of non-profit organizations dedicated to helping you keep your home. They can help you better understand your personal situation and even delay foreclosure for quite a while in many states. The Department of Housing and Urban Development (HUD) has a list of counseling agencies on their website. As foreclosures increase, workload does, too. Call these agencies ASAP to get an appointment.
Sell to an Investor. If you are ready to move out of your house and just start over, this may be a good option for you. But it only works if have equity in your property. Most investors will take over the property from you and either refinance, or keep the loan in your name and make payments. When you are served with papers, investors will start contacting you. You can reach them sooner by looking in the newspaper for “we buy houses” ads, or looking in the yellow pages. Beware of “foreclosure rescue” scams (see below).
Short Sale. Banks don’t tell you this, but they are willing to take less than you owe on the house as payoff rather than go through the cost of foreclosure. You can sell the house to someone for pennies on the dollar. You must work with a real estate agent on this. Try to find someone who has experience with short sales. Also, set it all up with the bank in advance.
Deed-in-lieu. The foreclosure process is expensive for the bank. In some instances you can just give them your home and walk away making very little impact on your credit. This is called a deed-in-lieu. You usually can not do this if you have an equity line or second mortgage, this is something to check out with your lender.
Sue. Private Lawyers are finding that more and more mortgages are actually illegal. Usually they are illegal because they do not have required disclosures. These lawyers generally work on a contingency-fee basis and can not only stop foreclosure and rescind the loan, but also get you damages. The National Association of Consumer Advocates has a listing of lawyers, listed by state, that are experts in the field.
File for Bankruptcy. This is the LAST RESORT and has serious implications for your life over the next 10 years. This is really really really NOT recommended.
“Foreclosure rescue” scams. Some companies offer temporary refinancing that puts you deeper in debt, but keeps you in the home. These are being investigated by state ad federal prosecutors, and you should STEER CLEAR of these arrangements.