Many people are choosing to hold off on buying a home choosing to rent feeling that the real estate market hasn’t bottom out, according to a UF study the Florida real estate market has stablized and bottomed out. Still the demand for apartments and home rentals are in big demand with the lack of buyers who are still sitting on the sideline.
Fannie Mae now is giving incentives to home buyers facing foreclosure, if a buyer sells home as a short sale or deed in lieu they can now be eligible for another Fannie Mae backed loan after two years. Another reason for home buyers to seek a short sale rather than just letting to go to foreclosure is the impact foreclosures has on your credit score.
For buyers looking for 100% financing help is on the way for the USDA rural loan program who was scheuled to run out of money needs approval of the US House of Representatives to approve HR 5017 – the Rural Housing Preservation and Stabilization Act of 2010.
To find out what’s going on in the mortgage world and the mortgage rate forecast check out lendarama.
You may be asking yourself with all these reports of homes going into foreclosure, where are all the REO listings in the real estate market? Why don’t we see them available to buy, are the banks strategically holding back homes not to flood the market and bring down the prices even further?