Well 2010 will soon be a distant memory, but the events that took place in the housing market will live in our minds and memories for years to come. This past year was full of tax credits,
historically low interest rates, and some controversy sprinkled on top. Here is an overview of the housing market headlines of 2010.
- 157 banks were closed down and taken over by the FDIC in early 2010.
- First time home buyer and repeat buyer tax credit increased home
sales earlier this year.
- 30- Year fixed rate mortgages hit historical lows of 4.17 percent.
- The big foreclosure freeze hit headlines accusing big banks of
- An estimated 1 in 4 homes are upside down in America.
- Many Americans are reducing debt and increasing their savings
- It has been estimated the as many as 1 in 4 home sales were
- HAMP and other loan modifications provided by mortgage servicers
will total nearly 1.5 million for 2010
- Short sales were up 128% for Fannie Mae loans and 115% for Freddie
Mac- backed notes.
- REO property totals at the end of the third quarter of 2010; Fannie
and Freddie combined totals were nearly 300,000 and their stocks worth
$1 dollar towards year end.
What a crazy year for the housing market home owners and big banks. We are optimistic for 2011 and the great changes to come. What we do know now for certain is that it could be a great time to buy, if we can help you in your search, please don’t hesitate to
call. We look forward to hearing from you.
Yours in Success,
The Florida Future Realty Team