Are home prices still declining?
I think we are still seeing a decline, but some areas are leveling off which is a promising sign. The government will have to step in with a set interest rate for all these next wave of adjustable loans ready to reset or we will have another flood of foreclosures come into the market. There is no easy fix for this mess but the real estate community is waiting for the government to give some guidance. Buyers are out there wanting to buy (especially some of these distressed properties) but the process is still to difficult. I am in a market where we deal with a lot of foreign buyers and now the loan process for these type of loans has become even more cumbersome. It is really backwards, those who put at 30% in to loan are less likely to walk away. But so many institutions have stopped the foreign national loans no matter what your customer is willing to put down. Let's start Lending..... the interest rate could be 0 but if they don't lend it doesn't matter....
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