Really informative article.Nice 
All of the foreclosures I have seen are almost garbage, so I guess it really depends on why a person is buying. Also I've seen foreclosures in my neighborhood sit for nearly a year because nobody really wants them because they are trashed. A foreclosure will require much more money to bring it up to the standard of most traditional sold homes.
I have a house which is completely remodeled, and we will to sell. We are gun-shy right now about selling because we are concerned we won't get much over what we put in to it. So we will wait.....sigh. This is so depressing. I don't think there is blue sky in sight yet. I'm praying though.
Good comment, LocalK, much appreciated.
I agree that the average foreclosure does not offer the same living experience as a well maintained home does, especially 'right out of the box' so to speak.
However, the affordability of these foreclosed homes appeals to many buyers at this time.
Now that lending standards are heading back to something a bit more traditional, where the ability to do more than just fog a mirror to qualify for a loan, affordability is key for buyers hoping to purchase a home.
There's almost TWO housing markets right now, I call one the affordable market and the other the fantasy market.
In a city (Kingman... uhh... I mean NIMBY Town) that is seeing jobs evaporate, the affordable market is king.
Buyers do exist, mostly in the affordable market though. Only buyers can determine what is affordable.
Absolutely great acronym there Todd. The "Fog a Mirror" (FAM) loan qualifier for a home loan should go down in history along with the "NoDoc", "NINA" (no income, no assets) and all the other mindless loan qualifiers that have spun us into the hole we are all in now.
Great party -- but the hangover is going to be "Quite Sobering" (pun intended).
Commenting by HaloScan
