First time home buyers, investors, and organized property flippers
currently make up the majority of those active in the housing market.
However, Pete Flint, CEO of Trulia.com, cautions the first time home
buyers that are looking to benefit from low interest rates and low
prices of foreclosed homes. I would recommend working with an
experienced foreclosure expert and doing research before purchasing a
foreclosed home, he said. Instead of foreclosing, Howard Glaser,
president of the Glaser Group recommends short sales and loan
modifications. He believes the Obama administration is going in the
right direction with passing loan modification measures because they
will help the three things necessary for recovery; a stable economy,
stable credit, and a stable inventory.Short sales are another good
way to put the right person in the home and get the lender out from
under, said Glaser. But CNBCs Diana Olick expressed skepticism in
turning to short sales in lieu of foreclosures. Short sales are
beginning to take as long as the foreclosure process, which at this
point are quicker than they ever have before.” For more information please click on the link provided: http://www.truliablog.com/2009/05/20/trulia-ceo-pete-flint-on-cnbc-talking-about-increased-home-buyer-interest-in-foreclosures/
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The foreclosure crisis has nearly devastated the California economy. Housing prices kept plunging in California in January as low-cost foreclosures drove the market, a real estate tracking firm said today. The median home price in a nine-county region of Northern California dived a remarkable 45.5% from a year ago. The figure stood at $300,000 last month, compared to $550,000 in January of 2008. Millions of Southern California homes are now underwater with mortgage balances greater than the value of the home. Of those under-water homes, 41.2% of these home loans came from properties purchased less than five years ago. The worst value stricken cities are located in the where the sun shines bright. Riverside, San Diego, Orange County, Los Angeles and Las Vegas, 61.4% of all primary residence homes are underwater. 
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Tim Lewis discusses VA Loans and his experiences helping veterans through the VA home loan process at DirectVALoans.com.