houses in all types are snapped in less than a week, extremely low inventory.
ponoof CA11:36PM June 10, 2012
David, I believe Staiger is very wrong. The shadow inventory continues to drop as well as the rest of the inventory, I work in real estate every day and follow the local, state and antional numbers religiously. Price is started to head up in many areas and this will allow more folks to sell without the big loses people saw earlier in this market. The no-money down thing is problematic, but the quality of loans has greatly increased even if the folks don't have as much down. Also remember, the great majority of the shadow inventory is not in the banks' hands, they may "control" 25% of it. As far as prices and interest rates going up, that will spur buyers to get off the fence and buy. People buy out of fear in many cases, people don't generally make good economic decisions. Look at 2005-2007, people saw prices and rates go up and were scared they would have to pay more later, so they bought then. Look at 2008-2011, people slowed their consumption of real estate while everything was on sale. Don't take my word, look at all the history of these trends. You guys have a good day.
Donof FL11:37AM June 06, 2012
Totally agree. Until the shadow inventory is addressed market improvement will be unsustainable. We are vulnerable to the ever changing responses of the government, lenders and servicers. It will take many different approaches to deal with the shadow inventory but we can't seem to get a willingness from those who control the inventory to be open to varying ideas or to any consistency in execution for any idea they do embrace.
Francesof PA2:48PM May 16, 2012
Refinance mortgage rates going to go up for sure. Any body still thinking should just make use of the low rates. Do not wait and regret it is not that difficult to make it happen. Online is very easy check out either "Official Refinance" before you check with the "major banks"
jeromeolivasof TX6:56AM April 11, 2012
Paranoid nonsense. This shadow inventory is indeed there in the background but no one can guess/prove/prognosticate how many homes will go into foreclosure & end up in the market.
I sell many homes FHA with minimum down & you are trying to insinuate that buyers need more 'skin in the game' so they don't default. Nonsense - VA buyers have the lowest default rates in any group & they put zero down.
Hal of CA - you don't need to put 20% down but it depends on what price range you are in. Home prices are very different in IL vs. CA.
Lyn Simsof IL8:40PM April 10, 2012
"Buyers are not required to provide large down payments to qualify for these loans."
What? I'm in the process of buying a home and am under the impression I need to put 20% down. Is that not considered "large?" Or am I being misled by lender and realtors?
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Santos Prado of CA 1:46PM August 14, 2012
pono of CA 11:36PM June 10, 2012
Don of FL 11:37AM June 06, 2012
Frances of PA 2:48PM May 16, 2012
jeromeolivas of TX 6:56AM April 11, 2012
Lyn Sims of IL 8:40PM April 10, 2012
Hal Raimey of CA 12:02PM April 10, 2012