Imagine paying for a home in cash.
As the lousy economy makes large homes tough to maintain – and the tight credit market makes them even tougher to sell – the rules for remodeling are undergoing their own extreme makeover.
Foreclosures in many parts of the country re at near-record levels, and recent declines in both property values and employment mean that more homeowners will land in foreclosure this year.
With bargain prices, low interest rates and an $8,000 federal tax credit for first-time homebuyers, it seems like the perfect time to buy a first home.
It's not the usual sleeping environment for your basic, high-flying CEO: a mattress on the floor in a different, empty house every night.
Maybe the mortgage-delinquency notices are just starting to arrive after a missed payment or two. Or maybe foreclosure is starting to look like a distinct possibility.
Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.