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It's amazing....but there's at least one lender still willing to hand somebody the rope when they're getting ready to financially hang themselves. Shame!!!!
While it is still legal, and there is a possibility of making a huge profit; there will be sharks.
We were very fortunate to have re-financed our holdings from ARMs to fixed-rate when I retired. Our Maine property has no mortgage, so it seems that we danced out from that approaching storm in a nick of time.
Our eldest son just lost his holdings in Kansas last month. An ARM mortgage, he had gotten one payment behind. He was making extra payments and catching up; rather than giving him time, once they decided to foreclose they did the deed immediately. A one week notice, and they did not appear to be willing to negotiate at all.
There are 30 year fixed rates at 5.75% today..good time to purchase a home or refinance. No one ever mentions this on the news...it's always the bad stuff. I wish the media could talk about some positive things.
my realtor called today, and when I told him that I was about to give up, he cited this good news and told me that come February is when there is traditionally the most activity. I think he is worried (rightly so) that we might let the contract run its course and not renew after March. He assured me that we are the best value in the area, and he expects some activity after SUPER BOWL.
elston, I have absolutely no experience with CA real estate, but in general terms your realtor is correct. Nothing happens during the winter until the Super Bowl has passed and then it starts getting VERY busy. It's happened to us twice now. The house went under contract in March and closed in April both times.
Amazing that sports have so much influence on commerce. Guess that story is told by the cost of the ads that air during the game! And I do hope things pick up soon. Can't happen soon enough for me! I'm sure Elston feels pretty much the same impatience.
I was just getting reconciled to having to stay in California. I had said to my DP this morning; maybe when the contract runs out....we should just let it lapse and wait a couple of years....hoping that the market will eventually improve. Now I am beginning to have hope again. We have a showing tomorrow--this guy is coming back for another look. "Catch a painted pony let the spinning wheel spin!"
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