Waiting for foreclosures? It might be a while!
The Mortgage Bankers Association reports that "The first-quarter 2005 National Delinquency Survey (NDS), released today [June 21] by the Mortgage Bankers Association (MBA), shows that the seasonally adjusted (SA) delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.31 percent at the end of the first quarter, down 15 basis points from the first quarter of 2004 and down 7 basis points from the fourth quarter of 2004."
Several buyers have told us that their strategy for buying real estate is to wait for the foreclosure properties. Well, in Southern California at least, the forcelosure market has not materialized.
The Chief Economist for the MBA states "The U.S. economy grew at almost 3.5 percent in annualized real terms during the first quarter of 2005, adding 180,000 payroll jobs per month. Combined with the low interest rate environment, consumers improved their household finances and the percentage of homeowners making their mortgage payments on time increased to nearly 96 percent."
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