Home prices keep dropping
Here’s more bad news on the housing front:
Home prices fell for a third straight month in November in nearly all cities tracked by the Standard & Poor’s/Case-Shiller home-price index.
The declines show that most homeowners are not reaping the benefits from some signs of an improving housing market.
Prices dropped from October in 19 of the 20 cities tracked.
The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase.
If you’ve been waiting to purchase a home, this is good news. But for many stuck in underwater mortgages, this is terrible news.
Research will help you with mortgages
If there’s one thing we’ve learned from the financial crisis, you have to do your own research. You can’t rely on anyone else these days. It’s a shame, but that the fact. Ratings agencies, mortgage brokers and bankers have all shown that they only care about themselves.
Fortunately, we have the new Financial Consumer Protection Bureau, but it will take a while before all their regulations kick in. So get informed by going online. Learn about the interest rates and other factors that will help you with mortgages, refinancings, foreclosure and other issues. Compare Natwest Mortgages quotes online on Know Your Money. You are such a better position if you’ve done your own research ahead of time. People in this industry throw around jargon and numbers to confuse you, so make sure you also take your time.
You don’t have to make decisions on the spot! Keep that in mind. It’s always acceptable to say that you want to go back and do more research. If anyone pressures you, it’s probably because it’s not a great deal. If is sounds too good to be true, it probably is!
Lastly, figure out your real budget before you start shopping. Many people don’t do this and then they get into trouble.