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Mortgage Apps Fall - Can Foreclosures Can Make You Rich?
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The weekly mortgage application index compiled by the Mortgage Bankers Association declined 15.8 percent to 514.4 on a seasonally adjusted basis last week compared to 611 the previous week.
On an unadjusted basis, the index fell 15.8 percent. Compared to the same week last year, applications were off 0.3 percent. The refinance index was down 23.3 percent, while the purchase index fell 3.5 percent.
There were fewer applications last week than in any week since November 2008.
Mortgage rates actually declined slightly after having risen steadily for almost a month.
- 30-year fixed-rate mortgages decreased to 5.50 percent from 5.57 percent;
- 15-year fixed-rate mortgages decreased to 4.99 percent from 5.10 percent;
- 1-year ARMs decreased to 6.54 percent from 6.75 percent.
I found an interesting article that might just perk your thoughts. IMO I believe if you have the funds to support multiple investment for 3-6 months...jump in and invest as heavy as you can afford.
The market at the moment is running scared. As soon as we can get the government to back out of the banking business and expose it's hand on much it plans on saddling the U.S. citizens in debt more money will begin to trade hands.
Consider inflation is soon to be the next storm on the horizon. Soon the debt and credit strapped public, a high percentage, will be forced out of buying real estate. This will bring a new number into the rental market. If it pans out like that you'll be poised to rent at a tidy profit and hold building equity. If it goes the other way and inflation miraculously avoids our economy then you'll be positioned to sell if you so choose.
If you've accumulated these investments at pennies on the dollar tied to low interest rates it's a no brainer jumping in and building your portfolio for a early retirement.
Can Buying Cheap Foreclosures Make You Rich?
Speculators are buying up an uncounted, but certainly significant percentage of homes for sale in cities where the meltdown has hit hardest.
Homes.com reports a 30- to 50-percent year-over-year increase in searches for homes in foreclosure-heavy states, including California, Michigan, and Florida. In these states, helping long-distance investors find and close on properties and close has become a burgeoning real estate specialty.
The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens.
Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
As always chime in with any thoughts, questions, or concerns...your always welcome. Please feel free to utilize the Property Search Tools or contact me via the website
atlantahomesoldfast.com
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Posted - 06/17/2009
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