What Happens When You Buy Too High, And/Or You Do Not Read Your Loan Carefully

I read another article today talking about foreclosure and people who are losing or can not afford to keep their homes because of the rising interest rates. This article mainly focused on the Queen Creek area just southeast of Phoenix, and south of Gilbert, and Chandler.

It mentions families and their plight. One family was able to re modify their loan with their lender others are in the foreclosure process, etc... I was reading how many neighborhoods that were full of families are now becoming vacant or are full of vacant homes or homes that are for sale.

It also lists some reasons people are losing their homes. One line mentions how people used their homes as ATM's. Using their equity to buy things that were not good investments. It also tells how speculators bought homes in the Boom and are now in trouble too.

This is an epidemic that is reaching its climax, I believe things are going to get worse before they get better. On a brighter note, If you buy Low your homes value eventually will go up. And now is a great time for buyers. Inventory is high in Arizona, and prices are very low. So get out there and find some buyers. Qualified ones to be exact.

Here is the link

http://www.azcentral.com/business/homesales/articles/1005biz-homes05-ON.html

 

 

4 Comments on What Happens When You Buy Too High, And/Or You Do Not Read Your Loan Carefully

This is a common story that is being heard everywhere right now.  The thing is that the good buyers are starting to come out in a big way.  There is a whole group of buyers that have been waiting for this moment to buy as they could not afford during the boom.  These people have good money down and great credit.  As the fall progresses I am seeing more and more of them.

10/08/2007 10:49 PM by Joe Zapata - Your Burbank Real Estate Expert (Windermere Real Estate / Bill Toth)


JOE: I am glad to hear it Joe. I hope things in CA get better, I would like to move their someday, or at least purchase a home. That is when I can afford to do such a thing. Things are not cheap there.

10/08/2007 11:02 PM by Ulises Romo (PRO-formance Realty Concepts)


Ulises - I hear you.  things are not as bad as the press makes them out to be.  There are a few areas that have been hit pretty hard but there are also some others that are still showing great numbers.  It is pricy out here and it can be hard to but.  Most people buy in the outlining areas of LA and upgrade as they gain equity.  Just like any other area it is just getting in that is the hard part, but once you are in you are in.

10/08/2007 11:11 PM by Joe Zapata - Your Burbank Real Estate Expert (Windermere Real Estate / Bill Toth)


Ulises,It is the same in the Las Vegas area, now is the time for buyers....qualified buyers!

10/09/2007 12:26 AM by Roberta LaRocca - REALTORĀ® Las Vegas (Keller Williams Realty The Marketplace)


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Real Estate Agent: Ulises Romo (PRO-formance Realty Concepts)
Ulises Romo
Phoenix, AZ
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