Well I have to say that 2009 has been a roller coaster of a ride. That is especially true when it comes to Real Estate. Interest rates have been pretty much low all this year. Were around the same rates we were last year. Right now you can secure a interest rate of 4.50% to 5.00% depending on your situation since not all loans are the same. You can expect to pay a higher rate if your going to cash out than just lowering your interest rate just too. Where I see interest rates going forward? I expect to see them go higher a lot higher especially when take into account inflation...Just take look at OIL and GOLD right now. I would say around March 2010 you will see interest rates move up. What worries me the most is the decline in the home values it seems to be not stopping as in dropping home prices. Without a stop to this growing problem I see Loan Modifications and Foreclosures continuing to gain steam. Loan Modifications are increasing in popularity with homeowners and don't blame them for going that route. Many times interest rates can be as low as 2% where in a regular home loan interest rates start in the mid 4's. The only drawback is that in a loan modification you will be waiting anywhere between 3 to 6 months to see what your bank will grant you for a loan modification.
Finally I want to speak about Foreclosures. Based on the report I get from www.foreclosureradar.com every month (Below is the link for the report)Notice of Default are up 103.46% from prior year!!! and in my professional opinion we will continue to see that if the economy does not improve. Since now we are seeing Homeowners who did not have bad loans as a Negative Amortization loan or ARM be in financial trouble due to a lack of work or a drop in their income. As always I want to state that this is my professional opinion. Feel free to contact me with any questions you may have 800-208-4753 or refionce@gmail.com LINK FOR REPORT http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca9abd688cc149ea85
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