Saturday, November 10, 2012

Rise again

"Price savings on purchases of foreclosed homes are disappearing in hot housing markets like Las Vegas and Phoenix, an Internet real estate firm said.

There was no difference in September between the price of a foreclosed home sale and a standard home sale, digital real estate firm Zillow said. Home buyers today "will get somewhat of a deal, depending on the market," Zillow's Chief Economist Stan Humphries said.

Times have changed in the housing market, the Los Angeles Times reported Saturday. Supplies of existing homes are shrinking as low interest rates attract buyers, and homeowners -- many of whom walked away from their homes when the properties' value fell below what they owed on their loans -- are now holding on to their properties, waiting for values to rise again."

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