Based on what has been happening in the real estate business lately, and due to some recent projections released by the Department of Housing and Urban Development (HUD), there are expected to be as many as 8 million foreclosures nationwide! This number is in conflict with the information released by the CEO of Wells Fargo today on CNBC, who indicated that approximately only 5 million homes are in default, so I wonder who has the right number?
Either way, there has truly never been a better time to buy. Interest rates have sunk AGAIN to all-time lows, now sitting around the 4% range for prime borrowers. There are plenty of programs to be utilized, including the USDA rural housing option (KEY 0% DOWN), the CDA 203-K (which will be eliminated at the end of October), and the regular 203-K and streamline options.
