Renters Become Homeowners In This Economy Downturn
Falling housing prices are creating an enticing environment for renters to convert to homeowners. If that sounds like a mixed bag of bad and good, indeed it is. Consumers have been inundated with news about a troubled real estate market. In California, 55 percent or more closings every month are lender-owned properties; that ratio has never existed before. So, the lenders are really dictating the prices at this point and there are so many lender-owned properties that the appraiser almost has no choice but to give that comp a lot of credence.
But the good news, especially for those who have been wanting to take the plunge into homeownership is that markets across the country are ripe for choosing the most suitable home.
