September 5, 2008
Proof That People Need Places To Live: 138 Sales in Salem in 90 Days
Here are three in the mid-to-low range. My guess is a lot of these are new buyers; I’m hoping that by next year at this time we’ll see the first of the foreclosure-stricken buyers returning to the market, as more and more bankruptcies turn 2 years old and lenders become willing to re-embrace that legion of dis-qualified buyers.
Call me a dreamer….
Beds: 4/Baths: 1
SQ.FT.: 1383
$ 157,000
Beds: 3/Baths:1.5
SQ.FT.: 2289
$ 221,940
Beds: 2/Baths: 1
SQ.FT.: 1123
$ 230,000
King of Scrounge: 5 Trashpicking Tips To Save (and Post) By!
Mike said:
Huh? How does a foreclosure-stricken buyer get back into the market in 2 years? The foreclosure will be on their credit record for either 7 or 10 years, I can’t remember. Unless they can come up with $300k cash in 2 years, they’ll have to wait until the foreclosure is wiped off their record before getting another mortgage.
September 5, 2008 8:02 PM
mike.martin said:
Mike, that’s a HUGE misconception. Assuming you declare bankruptcy after (or during) the foreclosure process, you can get a really decent mortgage again in about 2 years. Re-establishing credit is easier than ever before, and banks are going to have to be more lenient about credit history in light of the huge number of people in just this situation.
You’re right, though — if they don’t declare bankruptcy, they’ll be legally haunted for 7-10 years, and a foreclosure can resurface over and over, for 20 years or more, even though it’s technically illegal.
September 7, 2008 6:25 PM