November was an exciting month to say the least, the first black U.
S.
President was elected in a historic election and the 2008 holiday season kicked off with Thanksgiving.
But people had more to be thankful for then just holidays and history, foreclosures went down six percent in November sparking enthusiasm among buyers and relief among homeowners.
Though a drop in foreclosures for the month of November is certainly good news, it came with predictions from economists that foreclosures will likely return to the market.
Economists believe the drop in foreclosures was a result of a "market leveling effect", which happen when supply and demand for a product draw closer to each other.
If they are correct we may be seeing the first signs of real estate market recovery.
When real estate prices began falling last year, no one could predict how drastic the effects of foreclosure would be on the real estate market.
Distressed homeowners foreclosed on their homes and property values along with consumer confidence plummeted in historic rates.
The theme of rescuing the housing market became "stop foreclosures", so when the government put forth a $700 billion dollar bailout, buying out foreclosures and distressed mortgages was to receive a significant portion of those funds.
Recently the Federal Government has refocused to other areas of the economy like the auto industry and banks, which has been viewed by real estate enthusiasts as leaving them out in the cold.
Hope for Homeowners and local governments have stepped up with plans to save the real estate market.
Hope for Homeowners an FHA backed program has dedicated $300 billion dollars to help distressed homeowners.
Local and state governments have also stepped in to help, Governor Charlie Crist has suspended foreclosures in Florida for the duration of the holiday season to boost consumer confidence and keep people in their homes for the holidays.
S.
President was elected in a historic election and the 2008 holiday season kicked off with Thanksgiving.
But people had more to be thankful for then just holidays and history, foreclosures went down six percent in November sparking enthusiasm among buyers and relief among homeowners.
Though a drop in foreclosures for the month of November is certainly good news, it came with predictions from economists that foreclosures will likely return to the market.
Economists believe the drop in foreclosures was a result of a "market leveling effect", which happen when supply and demand for a product draw closer to each other.
If they are correct we may be seeing the first signs of real estate market recovery.
When real estate prices began falling last year, no one could predict how drastic the effects of foreclosure would be on the real estate market.
Distressed homeowners foreclosed on their homes and property values along with consumer confidence plummeted in historic rates.
The theme of rescuing the housing market became "stop foreclosures", so when the government put forth a $700 billion dollar bailout, buying out foreclosures and distressed mortgages was to receive a significant portion of those funds.
Recently the Federal Government has refocused to other areas of the economy like the auto industry and banks, which has been viewed by real estate enthusiasts as leaving them out in the cold.
Hope for Homeowners and local governments have stepped up with plans to save the real estate market.
Hope for Homeowners an FHA backed program has dedicated $300 billion dollars to help distressed homeowners.
Local and state governments have also stepped in to help, Governor Charlie Crist has suspended foreclosures in Florida for the duration of the holiday season to boost consumer confidence and keep people in their homes for the holidays.