Increase In Bank Foreclosure Listings Attract Homebuyers
Homebuyers increased in number when Lists of Bank Foreclosure rushed forward in some parts around the country. Ms foreclosures, is just one example of such an area (Mississippi). Some factors such as low market costs, lessened interest charges and a federal tax credit is provided to first-time homebuyers valuing up to $8,000. The amount of people aggressively seeking out foreclosed homes levels to the number of speculators during the housing boom several years back. So if you are living in areas where foreclosure news is on the rise, you may expect to see more homebuyers checking out homes in your neighborhood. Buyers who just disappeared for years have increased in number to places with utmost foreclosure rates such as Phoenix in Arizona, South Florida, Las Vegas in Nevada, and Riverside and San Bernardino in South California. MS foreclosure rates also continue to increase. Multiple bids among buyers are becoming a common occurrence as they try to compete with each other in acquiring properties listed under Bank Foreclosures because prices of these homes have dropped 50 percent from their original value. Based on the latest data, foreclosed properties account to 40 percent to 80 percent of the bank's Foreclosure Listings. Most of the properties on the list are being sold at prices that only equals to the total amount spent on construction. Industry experts stated that homeowners who try to sell their properties might encounter difficulties due to the competition where in the increase number of foreclosed properties in the bank is traded in markets. This may result to further foreclosure news since these troubled homeowners will not be able to sell their properties to cover mortgage payments. The median value of homes up to now is affected by foreclosing properties accounted by the total sales of home for about 1/3 in May. According to the National Association of Realtors, there was a 16.8 percent drop in Median home price - down to $173,000 - in comparison to the previous year. Last year (2008), Florida and Miami became number one of all the states where home sale values decreased. The percentage dropped for almost 30 was based first quarter estimates. In the counties of San Bernardino and Riverside, selling prices of properties in Bank Foreclosure Listings were comparable to values back in the year 2000. While in South Florida and Las Vegas, prices of foreclosed homes were similar to that in 2003. Because unemployment rates keeps on increasing in addition to higher attuned mortgage rates, recovery is still quite not reachable in the housing market. These factors would definitely contribute to more foreclosure news in the future.