More Renters Buying Citibank Home Foreclosures and Bank Owned Houses

by Donald Hanz on Foreclosures

Renters in most areas of New Jersey have decided that now would be a good time to take a chance on homeownership. According to latest housing reports, more and more tenants are purchasing residential properties, including Citibank home foreclosures, after renting while waiting for the market to stabilize.

The number of state residents purchasing Elizabeth bank foreclosures, newly built houses and other types of residential properties in other parts of the state has increased in the past few months, based on recent housing market statistics. These buyers are mostly part of the housing rental market, a segment of the industry that benefited from the real estate crisis.

According to housing market analysts, most people who rent properties revealed that they are doing so until they become more confident in the status of the market or until they can save enough for a down payment. Now that New Jersey foreclosures for sale and other residential properties have become more affordable, these renters are going back to homeownership.

Analysts also stated that low mortgage loan rates have encouraged people to take the homeownership plunge. A big number of these people are opting for foreclosed houses, like Citibank home foreclosures, that are available at very affordable prices in very good locations. They also report that there are more potential homebuyers waiting in the sidelines and are expected to enter the home buying market soon.

However, analysts believe that there are more people who are planning on buying bank foreclosures for sale but are being hindered by the economic downturn and the fear of losing their jobs. According to housing market experts, those who are waiting on the sidelines are still hoping that unemployment rates and economic condition will improve further.

Meanwhile, the home rental market is benefiting while a big part of the state's population remain undecided over homeownership. Vacancy rates in the state have declined considerably and rental rates have risen, according to housing data for 2010. Improving economy has also resulted in more people leaving family dwellings and opting to rent properties on their own.

These factors, analysts stated, have resulted in lower vacancy rates. Although more people are purchasing houses, like Citibank home foreclosures, compared with a year ago, analysts are expecting the rental market to remain strong mainly due to improved confidence among residents of New Jersey.