Foreclosure Moratorium is Lifted - Long Beach Bank Owned Homes-Condos-Income Properties are Coming!Foreclosure Moratorium is Lifted - Long Beach Bank Owned Homes-Condos-Income Properties are Coming-Long Beach Real Estate for SaleThe Foreclosures Are Coming!!!
March 31, 2009 Fannie Mae and Freddie Mac quietly lifted their 3 month moratorium on releasing foreclosures for sale. Fannie and Freddie are sitting on about 50% of the country's foreclosed properties and are about to begin releasing them for sale. What does that mean for the buyer of Long Beach real estate? More inventory is coming! Over the next few months we will see a surge of homes and condos for sale which should relieve the pressure on many first time buyers and FHA buyers, paving the way to home ownership.
To sweeten the pot even further, the Bank of America is soon to formally absorb Countrywide. Countrywide is also sitting on a very large foreclosure inventory which Bank of America will begin to release for sale over the next few months.
FHA buyers and first time buyers will soon have a larger selection of inventory and hopefully the multiple offer situations may lighten up a bit, unless there is a even larger surge new buyers entering the market.
Now is a very good time to get pre-approved and to start shopping. Interest rates are excellent, prices are fantastic and the inventory is increasing. Contact us today to begin the search for your new home.
http://www.longbeachrealestatehome.com/009623
Posted on April 09, 2009 11:20:37 by Laurie Manny Professional Group
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Long Beach buyers seeking bank owned/foreclosure homes, condos and income properties have been having a tough time of it these past 3 months. With little new inventory hitting the market and a rather stale existing inventory buyers have actually been having a tough time finding an appealing purchase. With so many buyers out shopping currently when highly desirable new properties hit the market, they often receive multiple offers. FHA buyers have been having a tough time competing with the all cash investors and buyers with large down payments and excellent credit. This is all about to change. 
To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.
