Concord Foreclosed Homes and the houses for sale have shown depreciation trends following the national mood. Concord is a small town of about 7000 households, and is considered relatively isolated from real estate upsurges. Concord real estate market has a track record of steady but slow growth in the housing sector though in recent times quite a few government foreclosures, property auctions, and real estate opportunities are coming up. It has been mainly a residential area with small number of houses for sale and real estate in the past. The recent trends of Concord, Massachusetts are as follows:
Houses for Sale
Number: 247
Median Price: $230,000
Price change from Feb: -5.2 %
Foreclosure Auctions
Number: 2414
Median Price: $180,000
Price change from Feb: -0.1%
New Houses
Number: 120
Median Price: $260,000
Price change from Feb: -0.1%
The costs of houses for sale have seen 5.2% decrement since February. The cost of foreclosures homes have remained the same since February. Also, not much change is seen in the price tags of new homes. This may be due to the surplus of buyable foreclosure and houses.
In the context of the cost of foreclosed and houses for sale, it is imperative to look at the current mortgage rates in Concord, Massachusetts. They are as follows:
15 year fixed
Current: 4.55
Change form last week: -.101
30 year fixed
Current: 5.3
Change form last week: -.186
1 year Arm
Current: 4.2
Change form last week: -.051
3/1 year Arm
Current: 4.32
Change form last week: -.082
5/1 year arm
Current: 4.61
Change form last week: -.056
Expectedly the mortgage rates are towing with the United States, trend of depreciation. This trend is most likely to be the same for many quarterlies to follow.
The availability of foreclosed auctions and property auctions has gone up. A study shows that more than 50% of the real estate owners going for loan modification lose their ownership anyway. Like other small towns, Concord prosperity has it roots in the 2003-2004, Fed rate of 1% which generated heaps of cheap money, inspiring the banker to find more customers. After the recent economic strife, many of these borrowers are now the victims of government foreclosures and houses for sale.
The present situation in Concord with growing number of foreclosed homes and houses for sale can be attributed to the following bare facts:
- 100% finance home loans
- Cheaper Loans
- No 20% requirement of down payment
- Low Fed Rate
- Sub-prime Loans over mortgage loans.
The real estate auction listings are a great place to begin the search for a property auction, houses for sale, and foreclosure auctions. Government auctions are advertised in local newspapers, so it's better to check that too. It is prudent to take professional help, since a agents area of coverage is larger. Hiring a professional can increase your chances finding a lucky deal. At the same time, only registered professions must be hired. A lot of frauds exist in real estate, homes, and real estate auction listings segment.
