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It seems of late there has been an increasing buzz on the occurrence of a second recessionary cycle in the media, with many wondering what the implications are for the housing market.  Stoking this fire was Friday’s news that Gross Domestic Product in the second quarter grew at a 2.7% annual basis, much slower than the 3.7% annualized pace from the first quarter.   

Forget the naysayer's hype. A new wave of renters are quietly making their move - and buying a home now. Many are choosing from foreclosures for sale in their local neighborhood.

Foreclosure Listings Expected to Increase

Thanks to all who voted in our most recent Foreclosure Properties Activity poll. On our homepage, we asked if you think the number of foreclosed homes listings in your state would increase, decrease or stay the same over the next year. The results varied by state, but most votes were cast for an increase in the expected amount of foreclosed houses and foreclosed condos in their state.

Here are the results:

Our readers are savvy homebuyers. Many have commented about the pain of writing monthly checks for rent when they’d rather be paying themselves as homeowners and building equity.

Finding a great buy on a great home is one thing, but what if you’re still locked out by overly tight mortgage lenders and can’t get the funding you want and deserve from the bank? Or let’s say you’re just dying to stop burning your money on rent and making your landlord rich, but your cold feet get the best of you before you can make the commitment to buy? 

In our last blog we made mention of the fact that the First-Time Homebuyer Tax Credit was originally scheduled to end on April 30, 2010, with purchasers having to close by June 30, 2010. However, Congress extended the closing deadline to September 30, 2010 just last week. Many have been reading into this as potentially providing a surge of new home buying between now and September 30. However, if you read carefully, the extension of the deadline to September 30 only applies to those home purchases that were under contract by April 30.

The Results of Fiscal Pullback: Some Take a Hit While For Others It’s An Opportunity On April 30 of this year, the First-Time Homebuyers Tax Credit and the Repeat Homebuyers Tax Credit ended. Although everyone knew this was going to occur, we did not know what the full effects of this fiscal pullback would be on the housing market. Now, with the release of May data, what is becoming evident is that the housing market is once again softening, with foreclosure activity escalating in many (but not all!) areas as a result.

4 must-have lease provisions

Benny Kass
Inman News

DEAR BENNY: I am president of a condo association board in a 10-unit building. One of the unit owners has not paid assessments for nine months. He was renting out his unit, which is now unoccupied. His telephone has been disconnected and attempts to reach him by mail are returned indicating there is no forwarding address. The unit has been listed on the (multiple listing service) for months.

Commentary: Who else can foot the bill in financial disasters?

Lou Barnes
Inman News

New data tilts toward slowdown. The Philadelphia Fed index surprised on the downside, at half its forecast; new unemployment claims rose (this might be BP's gift to the Gulf); single-family housing starts and permits fell off cliffs, at 17.2 percent and 5.9 percent, respectively; and core CPI rose only 0.1 percent.

There are several reasons why real estate inventory continues to build. Tons of distressed property continues to hit the market, desperately looking for buyers to step up at whatever price the market can bear.  Motivated buyers can’t find mortgage lenders willing to lend. Looks like a stand-off.  Let’s consider the frustrating dynamic between the desire to purchase and the reluctance to lend….and how the age-old approach of “rent-to-own” is emerging again as a win-win for both buyers and sellers.