Experts agree there’s no chance of a large-scale  foreclosure crisis   like we saw back in 2008, and that’s good news for the housing market. As Mark Fleming, Chief Economist at   First American ,  says : “. . . don’t expect a housing bust like the mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners have historically high levels of home equity, so  there likely won’t be a surge in foreclosures .” Data from the  Mortgage Bankers Association  (MBA) helps tell this story. It shows the overall percentage of homeowners at risk is decreasing significantly with time ( see graph below ): But even though the volume of homeowners at risk is very low, there is still a small percentage of homeowners who may be coming face to face with foreclosure as a possibility today. If you’re facing difficulties yourself, it can help to understand your options. It starts with knowing what foreclosure is.  Investoped...

  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott.  Did you know that f or over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to  purchase   homes of their own? If you or a loved one have served, it’s important to understand this program and its benefits. Here are some things you should know about VA loans before you start the homebuying process. What Are VA Loans? VA home loans provide a pathway to homeownership for those who have served our nation. The  U.S Department of Veterans Affairs describes the program like this: “VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.” Top Benefits of the VA Home Loan Program In a...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  Buying a home is a very powerful decision, and it remains a key part of the American Dream. In fact, the   2022 Consumer Insights Report  from  Myna   found the majority of people polled still view homeownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is that owning a home is a significant wealth-building tool, wealth-building, and it provides meaningful financial stability over renting by locking in your monthly housing payments for the length of your home loan. An article from  Forbs explains: “Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whoppi...

  Every time there’s a news segment about the housing market, we hear about the affordability challenges buyers are facing today.  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states .  Those headlines are focused on how much mortgage rates have climbed this year. And while its true rates have risen dramatically, it’s important to remember they aren’t the only factor in the affordability equation. Here are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each one. 1. Mortgage Rates This is the factor most people are focused on when they talk about homebuying conditions today. So far, current rates are almost four full percentage points higher than they were at the beginning of the year. As Len Kiefer, Deputy Chief Economist at  Freddie Mac,  explains: “U.S. 30-year fixed mortgage rates have increased 3.83 percentage points since the end of last year....

  It turns out, millennials   aren’t the  renter   generation after all states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . The  2022 Consumer insight Report   from   Mynd   says there’s a portion of millennial  and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re  breaking into   the market: “. . . younger generations of Americans are not buying into that dream in the same way that older generations have.  A growing number of Americans are choosing to make their first real estate purchase as an investment property.” Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today...