Something new in my area: There are a lot of houses for sale but recently many of the “For Sale” signs have “Coming Soon” written across the top. Coming soon, like not for sale yet? One house a few doors down the street has had a “Coming Soon” banner for about a month now. But it isn’t for sale yet, I guess.
Is this a scam to avoid having to list a high number of days that the house has sat without being sold?
Other news, no bailouts soon for people with mortgage troubles: Mortgage Reform Unlikely This Year, Lawmakers And Regulators Say Market Is Showing Signs Of Self-Correcting,
Homeowners unable to pay monthly mortgage bills and facing foreclosure shouldn’t count on help from Washington this year.
Regulators and lawmakers seem to be taking a wait-and-see approach as they confront the fallout from several years of lenders making too many home loans to people with inadequate credit.
… The National Association of Realtors said Wednesday it expects sales of existing homes to drop 4.6 percent this year to 6.2 million while the median home price is expected to fall 1.3 percent to $219,000. It would be the first annual drop since the trade group began keeping records in the 1960s.
The foreclosure rate nationwide is rising at an annual rate double that of two years ago. Nearly 2 million adjustable-rate mortgages are forecast to reset at higher rates over the next two years, suggesting the foreclosure rate has not peaked.