Home prices not expected to bounce up...well, duh! -
Why the duh?
Per RealtyTrac:
- 1 in every 411
housing units received a foreclosure filing in June 2010
Per HousingWire:
- The level of foreclosures starts in mortgages owned by Fannie Mae and Freddie Mac, the government sponsored enterprises (GSE), is at its highest point ever in 2010 as the rate of new foreclosures continues to increase.
Per the Associated Press:
- Thought the housing crisis was over? Not quite.
- Homes are expected to lose still more value in many metro areas over the next year.
- Parts of the country already pummeled by the housing crisis will be hit hardest.
- Areas that have rebounded or held up well will suffer too.
- The number of homes for sale or headed for foreclosure is so high that economists think prices will be even lower by next July.
- Prices are expected to drop by 2 to 10% in the coming year depending on the area (I think this is still being optimistic.)
I agree it is good to have a positive outlook but am not in the camp that thinks that my positive outlook will overcome the foreclosure effect on the housing market and economy.
The positive outlook on this situation is this, people are still buying and selling homes. If you are a first time home buyer who has been priced out of the market, congratulations, call an agent and mortgage broker because you may find you can now purchase a home. If you have to sell, work with a good agent who FOLLOWS YOUR MARKET and knows the trends and how to price competitively and your home will sell.
Cal me for you Del Norte County real estate needs.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!
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*PER CCMLS
