Banks have held back on releasing more foreclosures
Monday, June 15, 2009
By Rob Zwemmer
www.DesertRealEstatePrices.com
Good Monday Morning
86°F | 72°F
Many Real Estate sources say that the banks have held back on releasing more foreclosures until they knew for sure how the new federal guidelines would work. Now that the financial institutions know there is not much incentive, I have been told that a significant amount of foreclosures should be hitting the market in the next few weeks.
Last week 34 new foreclosures here in the desert came on the market, which indicates the banks have started to release their inventory.
The banks will not be releasing their entire inventory at once and will take advantage of higher rates to help offset losses over the last couple of years. They are also taking advantage of multiple offers now that the government is offering so many incentives to first time home buyers.
A lot of sources and economic news are also indicating that we are nearing the end of the recession here in the valley.
The next 6 months will probably be the best time ever, for buying Real Estate here in the Palm Springs area.
Palm Springs Area Mortgage Market update!
|
Mortgage Rates |
Today |
+/- |
Last Week |
||
|
|
5.67% |
|
5.45% |
||
|
|
5.21% |
|
4.97% |
||
|
|
6.66% |
|
6.64% |
||
|
|
4.89% |
|
4.68% |
||
1 Canadian dollar = 0.890789 U.S. dollars
E-mail me with any questions you might have
Have An Awesome Week!
AND HERE'S YOUR MONDAY MORNING COFFEE!!
http://www.desertrealestateprices.com/Morning-coffee
