California Housing Forecast – 2nd Half of 2010
California real estate forecast
General real estate market observations imply that the market should see continued price stabilization or edge up in the foreseeable future, yet there is still a lot of uncertainty about the rest of this year. For one thing, it remains to be seen how the housing market will sustain itself now that the federal Homebuyer Tax Credits have ended.
California has their own home buyer tax credit of $10,000, but many believe it will be over-subscribed within a few weeks. For further information on the California home buyer tax credits the link is: http://www.brokerforyou.com/brokerforyou/california-homebuyer-tax-credit-monies-may-run-out-fast.html
Tax credits aside, there are long-standing concerns about a coming second wave of foreclosures and how it will impact housing market values. Plus, the Greece credit woes may translate into our own tighter home mortgage requirements. Plus, in San Diego, we have the just announced Nasco shipyard layoffs of 900 workers in July to deal with.
Recent changes to the HAMP loan modification program, including principal forgiveness, and similar changes to the loan modification programs of major banks, along with growing evidence that the California market has shown improvement in recent months, seems to indicate the housing market will experience a double dip … a slight possibility that cannot be discounted.
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Economics is albeit man-made but also natural. I say the government stops interfering with the market and let those magical hands do their work. If we keep interrupting the natural developments of the economy, we may end up actually extending the period of actual recovery.
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I think it’ll be a while before we see any noticeable progress from 2009. I’m still waiting for my neighbors to wake up and smell the collection agencies at their door. They should have been smarter.
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