National headlines tell the tale of the record number of foreclosures in this country, with California leading the pack. The impetus for these court actions stems from the variable rate mortgages so popular in the last few years and those 3 and 5 year fixed rates expiring. Many are finding they can no longer afford to live in their homes.
It is for this reason alone that there are several bargain properties available to buyers. Homeowners are willing to sacrifice profit for peace of mind and it's the buyers that are winning. Still, gun-shy consumers are only sticking one toe in the marketplace. The investors see a change happening in the economy, and the last three days of historical high closes of the stock market are evidence.
With an election year quickly approaching, 2008 may show us more conservative numbers in the economy - reflecting a "wait and see" approach to the change in government. It is imperative consumers realize the coming storm and get into the market now. With more oversight of the mortgage industry, buyers are increasingly protected against fraudulent practices and can be assured of the lowest rates.
My advice is to come down off the fence.
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