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Home Buyers Face Bidding Wars
/1 Comment/in National /by Tracy WillisDue to a record low supply of homes on the market, 56% of home buyers face bidding wars in their offers. This is an increase of 52% from December of 2020. More than half of the homes listed go under contract in less than two weeks. Lower interest rates are making expensive homes more affordable, but a low market supply forces homebuyers to act quickly.
Mortgage Forebearance Crashes to a Halt
/in National /by Tracy WillisWith 2.7 million Americans still taking advantage of mortgage forebearance programs as late as mid-January 2021, the reality of a housing crisis looms. The CARES Act programs will end at the end of March unless changes are made to the rules. Most of the programs have a 12-month cap. If no intervention occurs, 600,000 Americans will have to begin paying their mortgages again.
Washtenaw County Treasurer Halts Tax Foreclosures
/in SE Michigan /by Tracy WillisThe Washtenaw county treasurer declared a moratorium on tax foreclosures for residential, occupied properties. Catherine McClary is amending the Financial Hardship Policy in an effort to assist small business owners, landlords, and homeowners. The moratorium will extend the tax foreclosure deadline to next year.