Foreclosure News: Many States Still Experiencing A Drop In Home Values
Foreclosure news in several states indicates that the prices of foreclosed homes
continue to decline in spite of improvements in the economic situation in some states. It is advisable for home buyers, especially the real estate investors, to delay their decisions to acquire their targeted properties somewhat to get the lowest possible price. At least five states have experienced substantial decreases in foreclosed property prices during the period between July and August 2009. These five states, according to foreclosure news, are Kansas, Alaska, Maryland, New York, and Idaho.Based on the foreclosure news, the average value of homes in Maryland has fallen to $182,125 from $188,988, or a reduction of more than 3.6 percent. On the other hand, the average home price in Idaho has dropped by 4.4 percent from $154,114 to $147,341. In Alaska, the average home value declined by more than 4.5 percent from $217,289 to $206,921. And in the state of New York, the average property price dropped to $274,026 from $287,861, which is more than 4.5 percent. Meanwhile, the average price of properties dropped by more than five percent in the state of Kansas, from $81,069 to $76,660.
Such kind of foreclosure news suggests that the housing crisis continues unabated but an examination of other factors indicates that the real estate market will soon reach equilibrium at a rate that is faster than had been previously predicted. These factors have to do with government efforts to encourage people to buy homes for the first time and the decline in mortgage rates.
However, before researching foreclosure news, potential buyers of foreclosed properties need to educate themselves on the usual procedure for purchasing a foreclosed home. First of all, homes that have been foreclosed by government-backed agencies are listed by auction houses and agencies. They are usually marketed via private auctions although some of them may be listed by real estate agents. Meanwhile, the homes that have been foreclosed by banks are known as Real Estate Owned or REOs. While they are also sold in auctions, REOs are listed through real estate agents, instead of by auction houses and listing agencies. There may be much more leeway when negotiating the prices of such homes because they are often up for auction for a longer time. There are also a number of other factors that an investor or home buyer has to consider. Therefore, they need to be knowledgeable about these factors before searching for the right foreclosure news.
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