|Now, nearly 8 years after the Beverly Hills Real Estate foreclosure crisis began, more than 5 million homes have been lost over those many years. In June 2016 the sale of foreclosed properties fell to their lowest levels since 2008, and then the foreclosure rate began to fall to “only” 1.7%.|
That sounds like the winding-down of the crisis. Unfortunately, a whole new wave of foreclosures is on the edge.
While newer-vintage loans are doing well, it seems that the foreclosure crisis was never solved, it was only deferred.
First, the interest-only home equity loans that people took out during the bubble years will re-set, causing dramatic payment increases. TransUnion estimates that as much as $79 billion in home equity loans are at risk of the default from this source.
Next, the government’s HAMP program provided only temporary interest relief. For many, payments will now begin rising as interest rates increase by 1% per year. The belief was that the economy would be in better shape by now – more people would be working and wages would be higher. As we all know, that hasn’t happened. For more than 300,000 homeowners, the rate resets began in 2015.
Loan modifications yielded the same result. It’s estimated that 2 million modifications, of which about 40% are on homes that are still underwater, will see a huge upgrade in monthly payments as the Beverly Hills Real Estate interest rates reset.
On top of that there may still be “shadow inventory” waiting to hit the market.
Free Reports – http://powerhouserealestate.
Should you consider buying a bank-owned home here in the Beverly Hills Real Estate?
Bank-owned houses in Beverly Hills Real Estate can be a good buy, but they do come with the uncertainty of not knowing the home’s history.
Because the owner – the bank – has never occupied the Beverly Hills Real Estate houses, they aren’t required to provide a property condition report. Thus, any lurking problems are yours and your home inspector’s to discover.
Next, since no one involved has ever lived there, there’s no one who knows all about how to operate the various systems. If the furnace has some quirks – they’ll be yours to discover. If you need to find a hidden valve in order to use the sprinkler system, it will be up to you to search for it.
I do have a list of vendors you can call on if the investigation has you stymied.
The good news: Since you’ll likely buy at a some what discounted price, you can use your extra funds to make the Beverly Hills Real Estate house your own. You can repaint, replace the carpeting, and maybe even remodel the kitchen.
If you’re up for a rewarding adventure and don’t need to move in right away, purchasing a foreclosure here in Beverly Hills Real Estate could be just right for you. It all depends upon whether you’re willing to deal with a bit of clean-up, fix-up, and uncertainty.
Free List of Homes – http://app.bombbomb.com/app/f