Time to buy a house?
A few years ago, a house in Atlanta sold for $330,000, but went for $134,000 recently to the high auction bid sold by the bank that repossessed it, when the owners defaulted on their loan. This is not a good time to sell your home, but it may be an excellent time to buy one, particularly through one of the repossession auction bids that take place in your area. This opportunity for buyers will accelerate in the future as the ARM mortgages taken out several years ago revert to higher interest rates in the next year or two and marginalize people who could make their ends meet with low interest rates, but not with the new higher ones. How extensive this trend will be is anyone’s guess, but to buy a home, without the need to sell one, can give the new home shopper ammunition not shared by the conventional home owner.
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