Interest rates have been at all time lows for quite some time now. Not only have interest rates been at all time lows but values have fallen at the same time, in the Santa Maria real estate market you can see homes in Santa Maria that have lost 70% of value from their peak. Which is the first time in American history where interest rates have fallen in conjunction with home values. Historically values and interest rates are inverse, basically when rates go up, values tend to go down and when values go down interest rates go up. [...]
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A few years ago when home prices went through the roof, it seemed that everyone was refinancing their homes not just the homes in Santa Maria but every where cashing out on the homes and refinancing their mortgage home loans, to take out money and remodel their homes, since there was so much equity they figured why not? If you remember, it got to the point where people were cashing out hundreds and thousands of dollars for these changes, additions and upgrades. Nearly all of these upgrades and remodels required some kind of building permits but does not mean that the owners went and got them. [...] For the most part everyone knows by now, the numbers of homeowners struggling with foreclosure that are increasing. Countless homeowners are having trouble making their mortgage payments and are a missed payment or two away from a notice of default. True they will be having to deal with how to fix bad credit and in the future how to get credit score back up. But until that time you don’t want to be scammed if you are trying to save your home many of the homes in Santa Maria are for sale are either a short sale or even a foreclosure. The reality is that the Santa Maria real estate market here in Santa Maria, California has been hit hard with values falling to over 50% of what their values were in the peak. [...] |
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