FHA has recently announced a waiver of their 90 day anti-flipping rule.  This waiver applies to properties that were acquired by banks and lenders through foreclosure.  This will help speed up the sale of bank-owned properties because FHA will now insure a mortgage loan if it is executed within the first 90 days.

Another report from HOPE NOW states that the pace of loan modifications and foreclosure sales have increased.  Foreclosure sales have outpaced loan modifications but as consumer start to learn about their options I'm sure that loan modifications will soon outpace foreclosure sales.  Either way we will have less bank owned properties on the market and more people staying in their homes.

The point is that bank owned properties hurt values and bring down the quality of most neighborhoods since they can attract squatters and vandalism.  With less bank owned properties on the market and more people keeping their homes we will have less inventory bringing down prices. 

If you are a buyer waiting for prices to come down further you might miss the boat.  Buyers you should always consult a local Realtor for advice.  They will get point you in the right direction and give you some statistics about the area you are interested in buying.  The right time to buy for everyone is different but seek professional advice so that you can make an educated decision.  One thing you must know about Realtors is that we are supposed to think about our clients' best interest first so don't be scared about being pressured into making a decision.  We will lead you in the right direction. 

Remember as a buyer our services to you are free.  Feel free to contact me at (818) 416-7511 or email me at mvillagran@dovproperties.com.  I can help you find a home or a professional Realtor in your area.