Tuesday, March 25, 2008

February Spike in Existing Home Sales

It's too early to say whether it's a “blip” or a trend, but sales of existing homes were up in February as lower home prices piqued buyer interest. Financial newspapers like the Wall Street Journal are reporting a 2.9 percent jump in February sales.

Across the country, though, foreclosures are continuing at a fast pace with foreclosed housing stock piling up faster than it can be sold.
The states having the highest number of home foreclosures are Florida, Nevada, Ohio, Michigan and Indiana. California and Arizona and Georgia are also experiencing higher rates of foreclosure but those states more frequently have new money coming in to replace the old tapped-out money.

Homeowners at risk of foreclosure should be on the lookout for scammers who use the downturn as a way to acquire real estate at bargain basement prices. Be wary of mortgage “rescue” infiltrators who exploit confused and anxious homeowners by offering to serve as “co-investors” in your mortgage. The last thing the sub-prime borrower at risk of losing the home needs is a greedy Glengarry-Glenross style bloodsucker attached to the mortgage.

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