While things may look bleak to the consumer, I get a different view of what is happening everyday as I interact with borrowers on purchase loans and refinance deals. This is good, because it helps me keep things real with those I encounter daily. The media can be so negative, and naturally the more television we watch the worse things appear. There are some interesting things happening, and I will tell you about a few of them.
Foreclosures are slowly rolling in, which is good. I would rather see them go slowly over the hill than flood the banks paper reams. However, I don’t want to see any foreclosures because I don’t enjoy watching families lose their homes. One main benefit, and probably the only benefit is for those looking to buy a home that can now get more house for less money, and for less of a down payment upfront. FHA allows buyers to bring as little as 3.5% down on their new home purchase. This allows the buyer to make an investment, but not have to pull out all of their savings to do it.
Sales are up too, which is always good news. The buying seem to come to a halt after the tax credit expired, but in the end people realized that they can’t just sit on buying a home not knowing whether or not that tax credit would be implemented again. There is nothing worse than waiting, and while some people are good at it, most people hate it. This is still a great time to buy a home, or even refinance the one you are in. In regards to buying a home, there are so many homes out there for buyers to pick from. Whether this is your first time buying a home, or your second, there is still time to get a great deal on a house.
-Mayer Dallal
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