The market is finally seeing steady increases!

There are so many ways the housing market and economy as a whole suffered from the housing bubble collapse and the mortgage/credit crisis.  You can't throw a stick in the economy without hitting someone who is to blame.  Mortgage lenders, underwriters, CEO's, the S&P among many others took part in the collapse.  From the bubble's creation to the sub prime mortgages and the S&P reportedly inflating the credit worthiness of borrowers who didn't otherwise qualify to increase their profits. The US Justice Department announced in recent weeks that they plan to sue the Standards & Poor for it's role in the crisis to the tune of $5 billion settlement.  That sounds like a lot but it's a drop in the bucket compared to the $190 billion in aid that the US Governments has given as part of the bail out.

From 2009-2012 the US allowed Fannie Mae and Freddie Mac and unprecedented unlimited aid as part of the recovery. Fannie Mae is actually allowing walkaway to some borrowers known as a deed-in-lieu transaction that is supposed to bridge the gap between the property's value and the amount of the mortgage.
In short, this eliminates that sinking feeling millions of homeowners have faced with their property being worth far less than they owe.  There are some 7 million upside down homeowners in the US and that figure dropped from 11 million in 2011.  That figure is projected to fall to 4 million in the next two years.

With 2011 being considered the bottom of the market with historic drops in property values, 2012 began to see steady increases.  2013 is already looking up, mortgage rates are at record lows and property values are beginning to turn around.  While it's characteristically a buyer's market, these conditions are advantageous for Sellers too.  So they're not going to make a huge profit, the amount of inventory available in many markets is creating a demand for buyers who want to purchase homes that are a Standard Listing and not a short sale or foreclosure.  This gives sellers a leg up on the competition for buyers who don't want to wait out a short sale or buy a foreclosure,  Buyers know that there is usually a bit more room to negotiate on a standard listing.  If you're thinking about buying or selling, it's a great time to do so, contact me for more information on the process.  I can put you in touch with reputable mortgage lenders with many different programs for various credit, income and employment situations.  Contact me today!