Is There Light.....?

In this clip from CNBC News (http://www.cnbc.com//id/25498530), the article explains that some cities are now experiencing a rise in home sales as banks are selling off more and more foreclosed homes. Some increases in home sales have risen over 10%.

What does this mean? I'm serious. What does this mean? I know this is a good thing. And as someone in the mortgage business, this makes me happy. More homes selling equals more buyers need mortgages to buy these houses. (We know. No stated income, no subprime, no 0% down, no adjustables. Yeah, we got it.)

We are now looking for any hope that is out there. Just some sign that the real estate market is improving. What ever the sign is, we'll take it. It is getting harder and harder to find the good news. Here in the Detroit area, I don't expect good news for awhile. Detroit, anchored by the auto industry, is the first to enter a recession and the last to get out of one. I'm no economic genius, but when gas prices skyrocket, it can't be good for car sales. (I also don't understand that if you make a product, shouldn't you have a major interest in the product that makes your product go? This will be discussed in another blog. Another long blog.)

So the good news is that some of the massive inventory of homes are being sold. The less inventory, the more that sellers can command for their homes. The more they sell their homes for, the more the appraised values in their neighborhood will go up. The more the appraised values go up, the more people will be able to refinance because now maybe they won't be upside down. It's all good.

But....... I believe there are a ton of properties out there that are on the door step of foreclosure. And while good news is good, we know that there are so many things that control our economy that we aren't sure what will fix it. This is a war with many fronts. And no one has an answer because that answer has many parts. Who's in charge of the economy?

So we wait. And wait.

But what exactly are we waiting for?




If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.

Thanks for reading!

Dan Tenchall
Great Lakes Mortgage Funding

For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!

Michigan Mortgage Rates

(586) 532-0600
dan@glmf.com