Buyers Are Back After Going Through Foreclosure

Posted by Paul Francis on Thursday, October 18th, 2012 at 11:11am.

Buyers are Back after Foreclosure

From the Wall Street Journal: Buyers Are Back After Foreclosure

Using the three-year benchmark it takes to get an FHA-guaranteed loan, in this year's second quarter there were 729,000 households that were foreclosed upon during the bust that are now eligible to apply for an FHA mortgage, up from 285,000 in the second quarter of 2011, according to an analysis of foreclosure data by Moody's Analytics. The company projects that number will grow to 1.5 million by the first quarter of 2014.

One thing that many people fail to factor in when it comes to the fears of the banks "dumping" the so called Shadow Inventory on to the Las Vegas real estate market and sinking prices is the amount of people that are now qualified to buy again. I've already personally helped a couple of people part of that first wave of foreclosures and Las Vegas short sales that started in late 2007 purchase a Las Vegas home at the current low prices and great interest rates. Junk debt cleared out and they could easily afford a Las Vegas home.

A $200,000 Las Vegas home purchased at today's rate for an FHA Loan at 3.25% is coming in at an estimate of $1,215 for Principal, Interest, Taxes, Insurance and PMI. 3.5% for a down payment ($7,000) and somebody is in. $200,000 can buy you a really nice home in the Las Vegas valley right now. (Today's estimate with today's reported interest rate.)

How many people in Las Vegas can afford a $1,215.00 a month mortgage payment? How many Las Vegas homeowners went through a foreclosure three years+ ago that are now qualified to buy a Las Vegas home again? A pretty significant number when you consider that Las Vegas was one of the first cities to enter the foreclosure crisis and how many foreclosures went through the system back in 2009 and 2010.

The number gets larger with each passing day in the number of Las Vegas Homeowners who had just moved on 3+ years ago. I can pretty much guarantee you that there are more buyers for Las Vegas real estate then there are Las Vegas homes available for sale with the current inventory available for sale.

Need to talk to a great Las Vegas lender and see where you stand in getting a Las Vegas home loan? Simply contact me with the information below and I'll put you in touch with a great loan officer with over a decade of experience. Even if you don't qualify, she can set you up on a program that will tell you what you need to do to get on the path to get qualified as soon as possible.

Paul Francis, Realtor®
Prudential Americana Group, Realtors®
Las Vegas Homes For Sale
702.592.3058

 

 

 

 

 

 


1 Response to "Buyers Are Back After Going Through Foreclosure"

Bank Owned Homes for Sale in the Las Vegas Area - January 2012 Report wrote:
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Posted on Wednesday, January 16th, 2013 at 9:02 AM.



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