What a complex undertaking. So many questions, not enough answers
Here's what I interpret so far:
1. An $8000.00 tax credit will be awarded to first time home buyers who buy a home between December 2008 and December 2009. The credit will be awarded to new homeowners who haven't owned a home in over 3 years.
2. Foreclosures: Millions of distressed homeowners will be helped through interest rate reductions, principal balance reductions and more. The government is urging or mandating banks to reduce monthly payments on loans to 31% of the borrowers income and fix this payment for 5 years or more.
The big question: Will this bill really help reduce the number of foreclosures?
My take: If the rest of the stimulus package works, market values of homes may start to stabilize in some parts of Bristol County Massachusetts. Now don't get me wrong, I said STABILIZE. Some home owners and others actually think we will start seeing gains in home value next year. I believe we have much longer..but woulld love for somebody to prove me wrong!
The good news: 92% of the country still are gainfully employed
The other good news: 90% of home owners in this country are NOT in arrears on their mortgage.
AND.. the other great news: bank owned homes will not be as plentiful. Nobody can predict the future, including me. We can only offer opinions on what we see right now. Anything can change.
Either way, it is always a great time to buy well great property.
Lori Lincoln of Keller Williams Realty is an Educated Realtor/Consultant who puts her clients first. Lori Lincoln communicates with her clients her experience and knowledge of current trends, mortgage news and more so they wil make the most informed Real Estate Decision