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State law slashes foreclosure rate, for now

 
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PostPosted: Wed Jun 11, 2008 1:44 pm GMT    Post subject: State law slashes foreclosure rate, for now Reply with quote

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Description: State law slashes foreclosure rate, for now
URL: http://www.bostonherald.com/business/real_estate/view/2008_06_10_State_law_slash ...truncated...
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PostPosted: Wed Jun 11, 2008 3:11 pm GMT    Post subject: first time homebuyer Reply with quote

What does this mean for a first time homebuyer who has been priced out of the market for so long while renting hoping to find a foreclosure soon?
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PostPosted: Wed Jun 11, 2008 3:34 pm GMT    Post subject: Re: first time homebuyer Reply with quote

Anonymous wrote:
What does this mean for a first time homebuyer who has been priced out of the market for so long while renting hoping to find a foreclosure soon?


Here are my guesses:

  • The progress of the correction gets pushed back 3 months.
  • The quality of foreclosed properties declines further as delinquent borrowers now have 90 additional days to strip their properties of copper, etc.
  • The cost of borrowing in Massachusetts increases as lenders must factor in this new risk.
  • On the plus side, lenders may be more motivated to achieve a short sale, which could be good if you seek out pre-foreclosures.
  • Also on the plus side, higher borrowing costs mean lower overall prices. You come out ahead if you have a larger than average down payment.

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