September Jump in Existing Home Sales
October 29, 2008 at 9:36 pm Leave a comment
The National Association of Realtors reports that sales of existing homes (i.e., not band new homes) rose 5.5% in September. This increase is the first in over a year and supports the opinion of analysts that the home sale market financial crisis is reaching equilibrium.
Note also that foreclosure filings in King County fell 42% from August filings, and 13% from September 2007, as reported by Realty Trac. The significance is that fewer distressed properties are available to buyers with cash searching for a bargain.
Consumers should be aware that some mortgage lenders are open to renegotiating and modifying the terms of loans, and even freezing interest rates for a specific period of time. The terms are subject to the specific lender involved and consumer willingness to enter into negotiation. New State laws are helping to reduce mortgage foreclosures . . . tho mortgage counselors are seeing more troubled borrowers. Be aware that it takes a lot of persistence to accomplish a modification.
For more information, check out Solid Ground, a non-profit housing counselor, certified by HUD. Solid Ground currently offer mortgage intervention packages to consumers. Email Solid Ground at housingcounseling@solid-ground.org to request a packet.
Entry filed under: • Real Estate, Housing Market News, Real Estate Statistics. Tags: Seattle home finance, Vashon home finance.
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