Housing Market Forecast … Don’t Buy The Bull
housing market forecast
With may ‘experts’ saying we are nearing a bottom – is now the time to buy real estate?
A recovery is going on, and confidence will return if it is sustained … and the jobs issue will work itself out. Yes, looks like times are changing. Just one major problem …home foreclosures are accelerating as moratoriums on foreclosures, resets, and unemployment hit home owners harder and harder. Plus, commercial real estate looks like it will be a repeat of the residential real estate story.
To quote housing analyst, Ivy Zelman (on the CNBC blog Realty Check): “Over the past several months, we have witnessed many data points indicating stabilization and improvement in the housing market. While these data points are certainly a welcome reprieve after three long years into the housing downturn, we cannot help but focus on the elephant in the room – the ever-growing pent-up supply of foreclosures in-process… the next wave of foreclosures is not a myth, but is instead the key to the direction of the housing market over the next 6-12 months….. In total, foreclosures in-process are 88% higher than the year ago, led by prime non-jumbo (up 159%) and prime jumbo (up 152%) mortgages.”
La Jolla real estate
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Savvy investors should be watching all sections of the real estate market. There are similarities between investment, commercial and residential and it behooves the smart person to watch all of them prior to jumping back into real estate investing. There will be a right time! Be smart!!
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San Diego California home prices have a great deal further to fall as unemployment starts to affect prices. Obviously, I don’t think this is the time to buy anything in real estate.
San Francisco Attorney
We’ve been through this back in the early 90’s remember. It takes a few years to recover. I see new construction slowing down which will cause less inventory and if they decide to build it will be much smaller and with more density type homes. Over building and putting people into homes they couldn’t afford was our first mistake.
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