Comments for Galaxy Lending Group http://www.galaxylg.com the mortgage lender you can trust Sun, 12 Jun 2011 16:17:07 +0000 hourly 1 http://wordpress.org/?v=3.3 Comment on The Phoenix Housing Debacle—A Cycle Unlike Others by Anonymous http://www.galaxylg.com/2011/06/03/the-phoenix-housing-debacle-a-cycle-unlike-others/#comment-4 Anonymous Sun, 12 Jun 2011 16:17:07 +0000 http://www.galaxylg.com/wordpress/2011/06/03/the-phoenix-housing-debacle-a-cycle-unlike-others/#comment-4 Great synopsis. I just wish the government would pick up the pace and help ! Great synopsis. I just wish the government would pick up the pace and help !

]]> Comment on Now’s the time to buy….ask me why? by Anonymous http://www.galaxylg.com/2011/03/18/nows-the-time-to-buy-ask-me-why/#comment-3 Anonymous Tue, 22 Mar 2011 00:26:45 +0000 http://www.galaxylg.com/wordpress/2011/03/18/nows-the-time-to-buy-ask-me-why/#comment-3 Home prices in Phoenix overall are down over 50%, and there may be a way to go before we hit bottom. Foreclosures are still a significant driver in the market now, and with recent new moratoriums the sheer number of foreclosed properties being released onto the market has now slowed to a trickle. <br /><br />That leaves many (the majority right now) homes listed on the market as "short sales" which can be more challenging to buy as there are typically two mortgages - a 1st and 2nd. That can mean months of delays for buyers waiting for a short sale to be "approved." That is why traditional sales or bank owned (REO) properties tend to be the most in-demand for buyer's right now.<br /><br />For those looking to buy and who can qualify, there are certainly some incredible deals out there. But does it makes sense to buy now when prices may still drop further? <br /><br />There is no simple answer. Timing markets of any kind is impossible, but for those who like the security of owning a home and the comforts of a neighborhood they like... and are committed to living in that home over the long term (10+ years) then buying now can make sense. I always say that people should buy for the right reasons - not for investment or expected gains - but for the lifestyle that a home provides over the long term.<br /><br />The number of mortgage-holders who are "underwater" on their current home (over 60% in Phoenix) will probably have the greatest effect on the markets going forward.<br /><br />BRETT BARRY Home prices in Phoenix overall are down over 50%, and there may be a way to go before we hit bottom. Foreclosures are still a significant driver in the market now, and with recent new moratoriums the sheer number of foreclosed properties being released onto the market has now slowed to a trickle.

That leaves many (the majority right now) homes listed on the market as "short sales" which can be more challenging to buy as there are typically two mortgages – a 1st and 2nd. That can mean months of delays for buyers waiting for a short sale to be "approved." That is why traditional sales or bank owned (REO) properties tend to be the most in-demand for buyer's right now.

For those looking to buy and who can qualify, there are certainly some incredible deals out there. But does it makes sense to buy now when prices may still drop further?

There is no simple answer. Timing markets of any kind is impossible, but for those who like the security of owning a home and the comforts of a neighborhood they like… and are committed to living in that home over the long term (10+ years) then buying now can make sense. I always say that people should buy for the right reasons – not for investment or expected gains – but for the lifestyle that a home provides over the long term.

The number of mortgage-holders who are "underwater" on their current home (over 60% in Phoenix) will probably have the greatest effect on the markets going forward.

BRETT BARRY

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