Wow, what very interesting times that we live in! Here we are, looking at another wave of bank-owned and foreclosure homes on the market, and on the other side are investors (and first time buyers) ready to pounce on the deals in the real estate market... The record for FHA loans is just one of many "for the books" that we've been seeing in the last couple of years!
I sincerely hope that we absorb and learn from these times, so that we do not become doomed to repeat in a couple of decades...
"Daily Real Estate News July 21, 2009
FHA Loans Set Record The Federal Housing Administration guaranteed 186,000 mortgages in June, a record number in its 75-year history.
FHA loans are popular because they are one of the few sources of low-down-payment mortgages. In the last year, they have accounted for about 46 percent of all mortgage applications.
Along with increasing numbers of FHA activity comes a rising number of delinquent loans, with the level of FHA mortgages in some stage of foreclosure reaching 7.4 percent in May.
Source: The Wall Street Journal, Nick Timiraos (07/20/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009072102?OpenDocument
Take care, and until the next time,
Karena Jolley
MendoGroup team at Coldwell Banker Mendo Realty Inc
http://www.mendogroup.com/
mendogroup@yahoo.com
707 354 2999
