End of National Crisis

Do you need some good news today?

Are you still in a home you don't love because you've been underwater in your mortgage?

Michigan has been through a lot in the last 8 years. We have seen our friends lose their jobs and foreclosure signs go up in our neighborhoods. The good news is that the national foreclosure rates are dropping. In August, the number of new foreclosures filed in the U.S. was the lowest it has been since October of 2005 according RealtyTrac, a leading source for comprehensive housing data.

The report also indicates that Michigan’s foreclosure starts in August were down 55% from the previous year.

In October, RealtyTrac released the U.S. Foreclosure Market Report™ which states that September was the “36th consecutive month with an annual decrease in U.S. foreclosure activity.” It also shows that “U.S. foreclosure starts in the third quarter were at a seven-year low.”

Underwater Mortgages are Dropping

According to CNNMoney, the "soaring home prices and a big decline in underwater borrowers" is what is pushing this all-time low. After the recession hit hard, many Michigan residents found themselves underwater in their mortgages. The definition of being underwater in a mortgage means that you owe more money on your mortgage than your house is worth.

This caused many people to foreclose on their mortgages or stay in a home they did not want to stay in. Many Michigan residents who didn't lose their homes grounded in and haven't looked up. Let us be the first to tell you. It's time to look up. 

Mortgage rates are low, not record low, but still low. More and more Americans are being hired and holding their jobs. Now, Americans are not only keeping their homes, but they are purchasing their dream homes. 

It's Time to Look On the Brighter Side

While many Americans all over the country are picking up the pieces still left after the foreclosure crisis, the good news is that we are seeing light at the end of the tunnel. 

Take Advantage and Buy Now

My dad always said when I was playing sports to capitalize on the amazing opportunities given to me. That is true of the housing market as well. With mortgage rates being so low and more Americans being hired and holding their jobs, there hasn't been a better time to sell or buy your home than right now. It is time to take advantage of the low 30-year fixed mortgage rates and the lower costs of homes. 

Home values are going up and so are interest rates. Right now, your dream home is waiting for you. Don't be afraid to put your home on the market or to start looking for the home you've always wanted. We are here to help. Please call our office at: 248-348-7200.