Philadelphia offers homebuyers an expansive library of affordable for-sale homes
New mortgage laws may prevent prospective homebuyers from purchasing houses featured in the MLS Listings in Philadelphia, PA. During the housing boom, a candidate could apply for a loan and he or she would likely be provided the money to invest in property. Through the mayhem seen over the past few years, and millions of foreclosures later, reforms have been made to prevent such record lows from occurring again.
The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 requires lenders to make changes to their policies. The goal of the policy would be to eliminate interest-only and negative-amortization loans from the marketplace, which were blamed for the numerous foreclosures seen in the United States over the past six years, The Republic reports.
The act is attempting to create what will be known as a qualified residential mortgage to assist candidates with stable financial backings in receiving loans. The strict standards will cut some people out of the market and may lead in slow housing recovery, and in Philadelphia, growth has certainly been slow in coming.
Single-family home prices in the City of Brotherly Love declined 4.6 percent in the first quarter of 2012 from the fourth-quarter 2011 levels, The Inquirer reports. Since the housing-market bubble burst in 2007, the city's property price decline has reached 21.3 percent.
However, there were signs of life in March 2012, with first-quarter sales of previously owned homes in the eight-county Philadelphia region up 9.6 percent compared to the first three months of 2011, according to one local real estate firm. In downtown Philly, median prices fell 6.4 percent quarter-to-quarter.
Homebuyers considering investments in Philadelphia properties may be able to take advantage of record-low median values. Although mortgages follow stricter rules these days, people with strong financial standings may be able to receiving appropriate funds to help them purchase their dream homes.
The housing market is already showing signs of life and renewal, and many economists believe the job market looks bright. It may be the next sector to follow suit, after taking into account job creation and improvements in consumer confidence. When looking for an affordable housing option, consider the MLS Listings in Philadelphia. The greater metro area has a diverse array of offerings, from entertainment to culture to industry, so finding value in relocation may be easier as collective markets continue to rise.