With property foreclosures.?
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more foreclosuers means its going to be harder for people to get loans. now you need better credit, and more money so they wont foreclose as much as they are now. and because a foreclosre and bankrupcty stays on your credit for 10 years, there will be more renters for the next several years.
My thoughts are I have a mortgage with Flagstar Bank. If I am late, meaning not on the First of the month, they call me 3 times a day looking for money. I live in Michigan and they know how bad it is here and they raised my payment $78 a month because my escrow will be low August 1st. There are 6 homes for sale on my street right now and one auction. I don't think over the next year we will see any improvements in the market and there will be more foreclosures. I'm filing bankruptcy because I cannot pay my credit cards do to automotive job loss last year, I was laid off for 4 months but was able to find a new job as a temp making 1/2 of what I made before. I recently got a raise, but it's too late, my credit is already ruined. I think Michigan is number 4 in the U.S. with the highest amount of foreclosures, Texas and California tying for #1, not sure about who is in 2nd but outsourcing has a lot to do with job loss, no income, no money to pay the bills. I'm a single parent and it's rough all the way around.
Depends on what you're looking to do. Now is a great time for first time homebuyers to enter the market. Interest rates are low and housing prices are stable. It's the best of both worlds!
If you're looking to invest, it is also a good time since housing prices are not currently inflated and there are more renters out there since less people are able to qualify for loans due to stricter lending requirements.
Unless your looking to "flip" a property, I wouldn't hesitate to buy now. By "flip", I mean to buy for a short term hoping to make a quick profit.
In Illinois, we are still seeing 3-5% appreciation in most areas. Even if you're in an area that is not appreciating - believe me, it will - just give it time. So buy now while the prices AND rates are low!
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