Housing market creeping back to normal
Lewis DiuguidIt is a major plus that foreclosed homes aren’t the steal for shoppers that they used to be.
The Washington Post reports that the deep discount has mostly disappeared. Foreclosed homes were only about 8 percent beneath market value in September compared with 24 percent three years ago.
Foreclosed homes often have quite a few structural and other maintenance problems associated with them as financially distressed homeowners have let upkeep go because they lack the funds. With the pricing gap closing, other homes on the market now look like a better bargain to shoppers.
Combine that with homeowners now keeping up with mortgage payments more than in the past, and the housing market in the U.S. is really starting to look a lot rosier.
Mark Hastert
6 months, 1 week agoHousing dragged us into the recession and it’s finally going to lead us back. As values increase people will get right side up in their mortgages. As people feel wealthier from rebounding values they will loosen up their purse strings. Look around, builders are putting up spec homes and real estate is selling. There is genuine cause for optimism.