The real estate market has hit its lowest point since 2007. This week, President Bush announced a new plan called “project lifeline” to help homeowners who face foreclosures. The program allows qualified homeowners to suspend proceedings for 30 days while providing them with rewriting and refinancing assistance. Still, this is not going to stimulate the market.
I also saw the news on Home Swaps. Just like the financial option swap, the real estate swaps work very similarly. Since houses are not selling, homeowners who need to relocate or move for any other reasons are seeking their own solution. Buyers and sellers can go to Craigslist.org or Onlinehousetrading.com and they can find their dream house online. The good news is no agent is involved. Both buyer and sellers can save up to 7% on commission. Once they decide to visit the house, they are recommended to use the same trading company. In this case, the traders can guarantee the deal goes through for both parties. If the two houses don’t have an equal value, the buyer can get another mortgage to make up the value.
It is not recommended to purchase a house that has a mortgage for more than what it is worth. Swaps are designed to trade between houses that are equal in value. It does sound like a good idea for people who need to relocate. It is still a relatively small market.
http://finance.yahoo.com/real-estate/article/104429/I'll-Buy-Your-House-If-You-Buy-Mine;_ylt=AicF5PSQLYNDbUpO0c8GxOVO7sMF
http://promo.realestate.yahoo.com/americas-free-falling-housing-markets.html
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