It is a buyer’s market due to the influx of homes on the market because of the increase in foreclosures. According to US News, this gap between the buyers’ and sellers’ markets is expected to narrow later in 2010.
It may become harder to secure a loan. Mortgage delinquencies are up, which will likely result in the FHA tightening their belts on lending standards. Changes may include, “raising up-front cash requirements, boosting minimum credit scores, and perhaps charging more for insurance premiums” said US News.
