The National Association of Realtors presented some frightening information about the home market that almost a third of all existing home sales in August came from foreclosed homes. This is the same amount that was found in July, showing that a third of all homes for sale are coming from people that have lost their homes due to the harsh economic conditions in the states right now. These foreclosed homes sell for anywhere from 15-20 percent less than non-distressed homes, along with the already extremely hurt economy and lower home prices in general. However, many first-time homeowners are taking advantage of these extremely low prices as well as an 8,000 dollar tax credit to make up 30 percent of all home purchases on existing homes in both July and August. Unfortunately, a foreclosed home means a distraught family, and that just goes to show that many people are suffering right now, good people that don’t deserve that kind of downfall. Take a look at Portland Mortgage to find information on this topic from tips and advice on mortgages to suggestions and videos on mortgage rates.
