Florida cities are expected to see some of the biggest recoveries in housing prices in the coming months, according to a new report by Realtor.com that reveals the top turnaround towns. In fact, the signs are already there with drops in inventories and distressed homes, as well as higher listing prices and increases in sales.
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A $25 billion mortgage settlement announced between major banks and state and government officials is supposed to bring aid to troubled home owners, but it could also bring a wave of new foreclosures, CNNMoney reports.
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More banks are offering home owners incentives to sell their houses in a short sale to prevent a costly foreclosure to the bank. In fact, some banks are offering struggling home owners as much as $35,000 to do a short sale, according to an article at CNNMoney.
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More Americans may be growing reluctant to buy homes in some of the nation’s priciest areas because of the high cost.
“Even though people often say they want to live in urban neighborhoods where they can walk more and drive less, they get more for their buck where the car is king,” says Jed Kolko, Trulia’s chief economist.
“Even though people often say they want to live in urban neighborhoods where they can walk more and drive less, they get more for their buck where the car is king,” says Jed Kolko, Trulia’s chief economist.
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Investors nowadays are more willing to pay cash or make a large down payment as they seek to get in on real estate deals for renting or flipping, according to a recent article at Realty Times.
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The Federal Reserve’s monetary policy and efforts to keep interest rates low have contributed to increased housing affordability. However, those strategies have not yet had the desired effect of stimulating the economy into a full recovery as banks have stuck to their guns on strict lending standards.
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