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Foreclosures!!!!!

By
Real Estate Agent with The McKinney Real Estate Team

In light of all the media attention to the dreaded "mortgage/housing crunch" I thought I would speak on this issue for just a moment.

It's really not as bad as the media has portrayed it to be. In fact, the Dallas/Fort Worth area may have an increase in foreclosures, but it certainly hasn't stopped the many informed consumers from buying now while the fire is hot. Home sales in the first quarter of 2008 is already up with out the final March numbers in.

Yes, it's true, many homebuyers bought in way over their means and many lenders had incredibly lax guidelines. And yes, that did indeed cause many, many foreclosures all across the nation.

But the truth of the matter is that the only crunch exists for potential homebuyers that just aren't ready for the financial responsibility of home ownership. But for those buyers that are truly qualified and can handle the the added responsibility the market is in the best shape its been in years. Rates are low, low, low. Sellers and builders are dropping their pants to move their homes and inventory.

And on top of all that, the government has finally stepped in and opened the vault for Homebuyer Grants and Down Payment Assistance. What's better than free money? Free money that you don't have to pay back!!!!!

I read this article today http://articles.moneycentral.msn.com/Banking/HomeFinancing/ForeclosureCrisisIsOverblown.aspxtoday and it got me thinking, the market might be better than ever for buyers.

Jimmy Collins
Century 21 Select Properties - Knoxville, TN
Knoxville Area Real Estate

You are so right. The same is pretty much true for the Knoxville market. I work in a pretty small Century 21 office and there have been closings pretty well everyday for the last two weeks. Good post.

Mar 05, 2008 04:56 AM