Halt on Foreclosures
- The halt on foreclosures is shrinking the housing market, causing home values to jump, and affecting interest in buying foreclosed homes.
Foreclosure Halts Affect More than a Few Homeowners
If you think that the foreclosure halts affect only those loans that are being reviewed, think again. When the foreclosure process grinds to a trickle, everyone feels it. Let’s have a look at some of the things to watch for if you are looking into the housing market as a buyer or a seller:
- Shrunken Market: The halt on foreclosures will result in fewer homes being listed this fall. This is a unique opportunity for sellers who are looking to get a fair price for their house soon. This shrunken market will also make buying a little tougher as there will be a few less houses to choose from in some areas.
- Home Value Jumps: When foreclosures stop rapidly appearing on the market, home values will increase. This is good news for both sellers and buyers. Sellers should be able to get fair value for their homes and buyers may still be able to capitalize on homes which have been on the market for some time. Don’t think that increasing home values are good for sellers only.
- Foreclosure Unease: Anyone looking to buy in the coming months may steer away from any foreclosure simply because of the uncertainty that surrounds them at this time. I would not recommend being so skittish. If you can get a clean property and insurance title, go for it. You will be surprised at just what a foreclosed home goes for these days.