Think Money has welcomed news that repossessions fell sharply in 2010

Financial solutions company Think Money has welcomed news that repossessions fell sharply in 2010, compared with a year earlier, commenting that it suggests the financial circumstances of homeowners may have improved despite difficult economic conditions.

But the company warned that there are still difficult times ahead for many homeowners, especially when interest rates rise.

The Council of Mortgage Lenders (CML) said there was a 24% drop in the number of repossessions in 2010, compared with 2009, down to 36,300. Meanwhile, the number of households with mortgage arrears amounting to more than 2.5% of the outstanding balance fell by 13%, down to 169,600.

An expert at Think Money commented:

“Any drop in repossessions and arrears is a good sign. Although the economy is still in a difficult position, it’s likely that a lot of homeowners have taken steps to improve their finances, whether that’s through keeping to a tight budget or entering into a debt solution such as a debt management plan before repossession becomes a possibility.

“Leniency from lenders may have also helped, but equally the troubles of the last couple of years will have prompted many homeowners to be more cautious with their money.

“However, it must be noted that there are a lot of people who are only coping with their mortgage repayments because of low interest rates. When interest rates rise – which could happen this year – we may well see many more homeowners in trouble.

Via EPR Network
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Buyer Barometer Ignores Stormy Conditions

Over a quarter of Brits say that the credit crunch has made no difference to how they view the property market.

The survey, commissioned by the nation’s largest independent housebuilder, Miller Homes, polled over five thousand new and potential home buyers to gauge their confidence in the property market.

Half say they are more cautious about debt but just 17 per cent say they are prepared to accept an inferior home to get into less debt.

Nearly six per cent of the population are still willing to borrow the maximum amount possible to get the new build home of their dreams.

Over a third of Brits say they are planning to move home within three years – most to get more space (60 per cent) with just eight per cent putting the move down to necessity of work relocation. And location isn’t everything – 29 per cent of us would move to get a bigger garden but just 24 per cent to live in a better neighbourhood.

Sue Warwick, national sales and marketing director for Miller Homes, who commissioned the survey, said: “The results of our survey show that, despite endless negative reports about the property market – people still want to move and remain relatively unaffected by harsh headlines and horror stories about the fall of the property market.”

Brits also still believe property to be the soundest long term financial investment in the UK, with over half saying that it is where they would choose to put their money over ISAs (25 per cent), stocks and shares (16 per cent) and bonds (nine per cent).

TV property expert, Jenny Powell, said of the findings: “There is still a real appetite for people to buy new homes and in my view, bricks and mortar is still the safest long-term investment by far. The survey results echo this, proving that people still have faith in property as a sound investment and the best place to put their money. I think that buyers will welcome this positive news – it feels good to know that it’s not all doom and gloom out there.”

Via EPR Network
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Felisa Schlosser of Prospect Mortgage Featured on San Diego Mortgage Website

MySanDiegoMortgage.com, a mortgage information website, has sent an open invitation to San Diego mortgage lenders and professionals to share their insights about the mortgage industry with the public.

MySanDiegoMortgage.com is an information website serving as a guide and resource center for people who are in the market for a mortgage. The site is inviting mortgage industry professionals to continue adding to the collection of informative reports and articles already featured. These help potential borrowers by giving them tips regarding many things, from where to get a mortgage, to the different kinds of loans available, to selecting the proper lender, and everything in between. The site contains useful information that is used by potential borrowers, not just in San Diego, but everywhere.

And with that, MySanDiegoMortgage.com has begun publishing these San Diego mortgage professionals. They report on current trends and existing market conditions, and give tips and guides on how to make the most out of a mortgage. The latest to give insights into the mortgage industry is Prospect Mortgage’s Felisa Schlosser.

Felisa Schlosser, who gave a fun and quirky introduction about herself, her hobbies, and her job, disclosed information about the current situation of the San Diego real estate market. She described it as having “…an all time high for home affordability…”, and explained why it’s an incredible time to buy in San Diego. She continued by explaining that while there are some obstacles to obtaining condo financing, there are existing solutions that can be utilized. She gave some examples of specific loans that are performing very well for her clients.

Via EPR Network
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