LOS ANGELES (April 20) – The share of distressed homes sold in March declined from February, but was unchanged from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Consistent with the state as a whole, nearly all the counties for which we have data also experienced an improvement in distressed sales,” said C.A.R. President Beth L. Peerce. “However, distressed sales in most of the counties were higher than a year ago, as the market continues to work through large numbers of troubled mortgages.”
Distressed housing market data:
Four great financial reasons why you should not wait before taking the plunge into homeownership.
Interest Rates Are Increasing
Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.
The 30-Year Mortgage May Disappear
There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate’s Is it curtains for the 30-year mortgage?
Instantly get a FREE Listingbook account from Renee Hartanto.
