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Freddie Mac & Fannie Mae today announced a suspension of foreclosures beginning November 26th through January 9, 2009.
What does this mean? It's one more sign that there will be a reduced number of foreclosures available in the short term.
I believe it's too soon to say what the long term impact will be. If they use this time to work out loan modifications, perhaps many of these will never come back onto the market.
If you're a seller, there's reason for optimism. Every foreclosure that isn't competing against you and bringing down prices is good news. (Unless they all get dumped back on the market in the spring!)
If you're a buyer it's time to start wondering how much longer should you wait to buy? Might prices go lower? Yes! Might we be near the bottom? Yes!
If you're buying a house to live in and enjoy for the long term, it's time to think about at least getting out there and looking. Knowledge is always power in a negotiation. The more you know about what prices and inventory looks like now, the better positioned you'll be to decide if it's time to buy.
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