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
These finding are upsetting, but yes, you're right, there is still business and many agents have left the field. Interest rates remain low and the choices in homes are amazing! Great time for people to get the deal of a lifetime.
I too feel we haven't seen the bottom of the market. We still have a few years to rebound. We can stay this market by working hard, changing our ways to market and sell, and become flexible in the ways we look at our business.
Thanks Fran. I'm sending your article to some of my clients so they can understand the market a little better!
Thanks for passing on some useful info people need to hear now.
There are pros and cons to everything and I think you have made a good assessment of positive, negative and reality in this current market for many of us.
Positive thinking for many is very necessary for getting minds to wrap around the current market situation and see the positives. For many locations I think it will be a few years before we see values rebounding. I'll think positive and hope I'm wrong!
Sue of Robin and Sue
I hear your position, but as real estate is local, so is how different areas are affected differently. As is the case here in the Inland area of southern California. We were hit extremely hard by the crisis, but now we are experiencing lack of inventory.
If banks do release the tidal wave of foreclosures on the market then our situation will change, but they've been threatening that for almost two years now. The banks will hold most of their assets for as long as they have to, years even, to ensure value preservation.
I am optimistic, but intelligently I hope. Great post!
Gloom & Doom. . .it comes to us from different angles. . .be informed but don't kid yourself. . we are in a opportunistic market that will make millionaires out of creative and fearless agents
2009 was my second best year ever.. .I will surpass 2009 numbers by September this year!
Be cautious what your feed your mind. .