REO Proteams: Las Vegas Real Estate News

For many young couples buying a house is something down the road. Space still remains one great concern for couples. Couples who started out renting realized that their family was growing and there wasn’t enough space for everything. Home values and mortgage rates in the past weren’t ideal for them to move in a new home. Living in apartments was the only options for these couples who are just starting their careers. The collapse of the housing sector brought all-time lows for mortgage rates, a 20 percent decline in housing values and a growing numbers of foreclosures.

More and more couples are now finding out that this is the best time to own a house. With medium sized homes more than twice the size of their current apartments there is more space to build a family. The cost of mortgage for medium sized homes compared to apartments is just a couple of hundred dollars. Making it more attractive are the tax benefits that come with the purchase of a new home.

In some cities like Las Vegas, Kansas, Detroit or Florida, home values have dropped by as much as 20 percent. In Detroit, the state has even introduced a $25,000 offering to new homeowners. The government has also offered an $8,000 tax credit for new homeowners. This has made the prospect of moving to a new home ideal for young couples.

$100 Home (CNN) – Price tag $100 ($95 for the property and $5 for the house). Detroit, Michigan has seen one of the greatest drops in home values. The problems with the auto-making industry along with huge unemployment have made the drop in home values worse. Average home prices in Detroit dropped to $11,533 in April according to the Detroit Association of Realtors.

Jon Brumit and his wife Sarah were one of the young couples living in Detroit Michigan who taught that owning a home was just not up their alley. They got interested when their friends started taking advantage of the numerous foreclosures in the city. The house is located in a north Detroit neighborhood called “Bangla Town.” This isn’t exactly prime location but it has come to represent the great opportunities in the market today.

Another couple, Corine Vermeulen-Smith and her husband Zeb Smith bought their 660-square-foot house for $549.99. “We knew the property, we knew it had been sitting there empty for at least a year, and it had been trashed,” Vermeulen-Smith said. “But we wanted to own a home.”

The 2008 Housing and Economic Recovery Act have appropriated $263 million for restoring home properties to government code standards. A great number of homes are in utter disarray with plumbing and electrical wirings needing urgent repair. Government funding for repairs could make these homes more attractive and boost sales of homes.

Mortgage rates and home prices have continued to drop but the price of renting remains high. The cost of renting a house and paying monthly mortgage has dropped to a few hundred dollars. These have made the decision for young couples to move out of their apartments to a new home more an easier one.

Report by REOProteams

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