Here are some reasons why now is a good time to invest in the housing market:
The trend may reverse. Actual foreclosures lag defaults and foreclosure notices, and both of these latter categories are going down. Default notices peaked in April 2009 at 30% below their year-ago level.
The government programs have disappointed. Lots of foreclosures are coming now, because it took some time for folks trying to modify their mortgages under the government’s Making Home Affordable program to wash out. Some homeowners didn’t qualify, others did qualify but then fell behind on their modified mortgages. The Obama Administration mortgage relief program is now estimated to be able to help only 1/6th of the three million homeowners it had intended to aid.
Homeowners who are current may have options. Last week, the Obama Administration launched its latest effort, which would help homeowners who are underwater (they owe more than the house is worth) with their mortgages but are making timely payments by reducing the amount owed. That’s good for folks who want to refinance but haven’t been able to, but there are ramifications. One, it will lower their credit score. And any secondary debt, such as a home equity line of credit, will greatly complicate any modifications, or make them impossible.It’s all regional, remember? Some housing markets are doing just fine. The biggest trouble spots in August probably sound familiar: Nevada, Florida, Arizona, and California. If you think you want to retire to one of those previously popular locales, it’s a good time to go shopping for your next home; you’ll get an excellent price.
Bargain hunters have plenty of time to catch the auctions. There’s going to be a lot of inventory for a long time. Foreclosed homes actually put up for auction reached 147,003 properties in August, and that number can be expected to go up before it goes down. There is already more than year’s supply of existing homes on the market now.
The properties we’re going to look at today are all bank owned and ready to go:
91 CORONA ROAD, Carmel Highlands MLS #: 81006931 $1,400,000 Beds: 3 Baths: 3 (3/0)
Park-like setting and early California Architecture. This Highlands home has it all. High end kitchen, lush mature gardens, plenty of privacy and recent complete remodel design, turn key potential. SqFt: 2,900 Lot Size: 40,510 Sqft Check out photos on site www.pattyrossacarmel.com
409 OSO D'ORO COURT, Salinas Monterey Highway MLS #: 80909546 Beds: 4 Baths: 3 (2/1) $1,009,000 Open floor plan & gorgeous views at this private home at the end of the cul-de-sac. Sunny & warm. Spacious patios take advantage of lovely golf & valley views. Gourmet kitchen (with upgraded appliances & materials) & family room combo make this home not only cozy for quiet nights in but also great for entertaining. Great deal! SqFt: 3,455 Lot Size: 37,055 Sqft Call me for private showing 831-236-4513
24438 SAN MATEO AVENUE, Carmel Active MLS #: 81042589 Beds: 3 Baths: 2 (2/0) $769,000
Hardwood floors in LR and sep DR. 2 fireplaces. 2nd story master suite w/ large tub, separate shower, closets. French doors to private deck. Downstairs 2 bed and bath, entry, charming study/den w/ FP, Saltillo tiles & doors that lead to patio and garden. 2 car garage. This property needs short sale approval. Large lot! SqFt: 2,050 Lot Size: 8,500 Sqft
3020 VERA LANE, Marina MLS #: 81040592 Beds: 3 Baths: 3 (2/1) $349,000
Newer home in good condition on a corner lot. Everyone can live in a single story. Nice size yard. SqFt: 2,035 Lot Size: 8,398 Sqft
(c) Patty Ross, KRXA Radio Show #179, October 2010
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