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More renters are buying Bank Foreclosure Homes

December 3, 2010 5:55 pm

In most of the areas in Gordon County, renters think that this is a perfect time to try out buying homes. The recent housing reports reveal that greater numbers of tenants are buying the properties after renting them – including foreclosure homes  while expecting the market to be stabilise.

The latest housing market statistics show that residents of the state purchasing new homes, foreclosed properties under Elizabeth Bank and other kinds of dwellings in state’s different regions have increase in the last few months. Mostly, these buyers are a part of the residential property rental market. This market is a section of the industrial sector that benefits from real estate crisis.

The housing market analysts hold that majority of the people renting properties have declared that they will continue renting until they gain confidence about the housing market or unless they are able to save a good deal for down payment. Now, since the foreclosed homes offered for sale in Calhoun GA and other dwellings have been reasonably priced, they are opting to purchase a property.

According to the analysts, low rates of mortgage loans are another factor enabling the people to take homeownership decision. A large number of renters are choosing foreclosed homes, for example, foreclosure homes of HUD or Fannie Mae since they are available at affordable prices and nice locations. Analysts are also of the view that some of potential buyers are still waiting and will soon enter the housing market.

However, analysts hold that more people are planning to buy bank-foreclosed homes offered for sale.  Nevertheless, they are not getting the courage to do so due to bad economic condition and fear of becoming jobless. The housing market experts think that those buyers who are still waiting expect that economic condition and unemployment rate will improve further.

In the meantime, since a vast section of the population is yet to decide about homeownership, house rental market stands to benefit. Housing data of 2010, shows that there has been a rise in rental rates and a considerable decline in vacancy rates of the state. Developing economy has encouraged more people to rent properties by leaving the family dwellings.

All these have contributed in lowering the vacancy rate. Though more and more people are buying homes as compared to last year, yet the rental market is expected to be in a strong position due to the confidence of North and Northwest GA residents .