Released today was a great overview on foreclosures. The analysis shows that most of the home foreclosures have been concentrated in California, Florida, Nevada, Arizona and a small portion of metro areas in other states. Most notable was the quote that '66% of potential housing value losses in 2008 and subsequent years may be in California, with another 21 percent in Florida, Nevada and Arizona. for a total of 87 percent of national declines.
DO lick on the link for the full article and the impact of the Obama proposed foreclosure prevention program. Even more important is that potential homebuyers who are qualified should BUY NOW and lock into a 30 year fixed rate mortgage. WHY? Becuase there is talk that at the back end of this fallout we will face steep inflation. Locking in to a long-term rate will fix some of your living costs as a consumer. In periods of high inflation, rents, interests, and other costs only go up,up and up. Mortgage rates are low, inventory is good and housing is well priced.