Foreclosure Rates Are Up But So Are Refi's

By
Real Estate Agent with Benchmark Realty TN 288457

 

Is it just me or does it seem that we never hear the major news networks lead off with a positive story. For weeks we have heard about the foreclosure rates rising again an again. Nationally they did rise with the last nation report shows a 2% increase as on October 2007.

U.S. Foreclosure Activity Increases 2 Percent In October 2007

A total of 224,451 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported during the A total of 224,451 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported during the month, up 2 percent from the previous month and up 94 percent from October 2006. The national foreclosure rate for the month was one foreclosure filing for every 555 households. VIEW FULL STORY " o:button="t" href="http://www.realtytrac.com/gateway_co.asp?UserID=7485362&EmailID=61663198&CampaignLogID=18320&WebsiteTypeCode=UTRK&LedgerTypeCode=UEML&accnt=167355&ItemID=3771" type="#_x0000_t75">

Did any major news story report that refinancing of existing mortgages are up over 5% and the leading choice is a 30 year fixed rate mortgage?

Well I am certainly not being asked to be a guest on NBC or Nightline but I predicted the down turn would start, no I am not a genius just a realist who knew that when Interest Only Loans were become an acceptable form of mortgage for your home it was not too much longer before the bottom would drop out.

We live in a global economy and it will take another 6-8 months to sort out our mess here in the US but the foreign money will return and with gusto. Remember our dollar is down in value against every major currency in the world. With housing prices adjusting downward and more value for their money foreign citizens and investors will be the first to return to the market snapping up deals nationwide but primarily in the Sunbelt.

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Rainmaker
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Paul Moye

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