Mortgage rates on foreclosed homes can save more than the 2010 tax credit
September 7th, 2010- Low mortgage rates save more than the tax credit
- Foreclosed homes offer more bang for the buck
- Purchasing a foreclosure home gives you instant equity
Experts are having a hard time describing today's Real Estate market. Now that the 2010 tax credit has expired, experts fear that the housing sales will drop. However, Real Estate professionals believe that now is an even better time to purchase a home than the early months of 2010.
Today's low mortgage rates mean that buyers can save far more over the life of their mortgage compared to the $8,000 that the government previously offered this spring. At the low mortgage rates currently offered, a buyer of just a $250,000 home could save nearly $35,000 over the life of the loan. The best way to boost the savings is to consider one of the foreclosed homes, instead of new construction.
Foreclosed homes offer buyers a way to save even more money. It is estimated that foreclosed homes for sale in Colorado are sold at 60 cents on the dollar compared to new or other existing sales. This is great news for the rest of the country, because Colorado has been one of the stronger Real Estate markets in recent months. Even with a better market than other states, the savings is astronomical when purchasing foreclosed homes for sale in Colorado.
However, another state that has been hit the hardest in the tough Real Estate market is Michigan. As the auto market dipped, the number of foreclosed homes in Michigan grew, leaving it with among the highest foreclosure rates in the country. For buyers, purchasing a foreclosure in Michigan means that they have just created instant equity and saved thousands. Now that the economy is beginning to strengthen and jobs are returning, the choice to purchase foreclosed homes in Michigan or throughout the country means that buyers are locking in historically low rates on personal or investment properties.
If you are considering the idea of purchasing one of the foreclosed homes for sale on the market, there are many variables to consider. Here at ForeclosureConnections.com, we specialize in provide you the most up-to-date foreclosures listings available online. Our foreclosure service will certainly help you decide which foreclosure property is right for you.
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