Home Sales Up on Increasing Foreclosures and Low Mortgage Rates
According to the latest housing data, home sales have shown an improvement across the country with foreclosure values attracting investors back into the market.
Apart from falling real estate values, the fact that the mortgage rates are at a 50 year low is also making buying a home an attractive option right now. Families that have been waiting to own their own homes have been encouraged by the new mortgage rates and some feel they can get some really good deals on foreclosed houses.
But it is not all good news for the real estate sector as the very fact that house values are plummeting means there are many more foreclosures. In fact, February saw 30% more foreclosures than the same month the previous year.
The gloom for the current homeowners is far from over and those with mortgages are increasingly defaulting and looking for a way out of their problems. So far, getting a home loan modification seems to be the most popular way to ease the mortgage situation and avoid foreclosure since refinancing is virtually impossible.
