Houston Foreclosures – Visit an Auction Or Use a Realtor?
By Doug E Smith
I’m sure you’re aware of the real estate and foreclosure crisis going on in the United States. Because of this, there is an excess of homes on the market. Obviously some properties will be run down in unappealing neighborhoods as usual, but what’s different this time is the surprisingly increasing number of well kept and even executive style properties that are up for sale for pennies on the dollar.
There are some great values out there but in order to take advantage of them you should first be aware of both the advantages and disadvantages of buying a foreclosed home at a government auction versus the conventional method using a Realtor.
Here are some advantages to purchasing a foreclosed or pre-foreclosed home:
- Price is the number one reason to purchase a foreclosure.
- Many homes are in good condition for much less than their market value.
- Variety and selection ..
Source: government auctions
Home Equity Cash Outs Hit 4 Year Low
This is a good sign, homeowners have hit a 4 year low in their home equity cash outs.
Of course it begs the question, do they have any say in the matter or is the piggy bank all tapped out?
The amount of money Americans pulled out of their homes is at a four-year low as homeowners battle falling home values and stricter standards among lenders, Freddie Mac said Thursday.
Homeowners “cashed out” about $68 billion in home equity during the first half of the year, the lowest since the first six months of 2004, according to the McLean, Va.-based mortgage finance company.
About $38 billion in home equity was cashed out through refinancing of loans made to prime borrowers in the second quarter — less than half the $79 billion cashed out during the same period last year, said Amy Crews Cutts, Freddie Mac deputy chief economist. via msnbc.com.
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Source: Real Estate