So far the indications are showing the housing market has bottomed out. The National Association of Realtors reports median house prices rose in 74 of the 146 metro areas the association tracks. “Given the steadily dwindling supply of inventory and notably higher listing prices that are being negotiated today, prices are expected to show further improvements in the near future” Lawrence Yun, Chief economist of NAR, said in a statement.
The Fiserv Case-Shiller Indexes report signs of price stabilization also. Chief economist, David Stiff at Fiserv, notes that non-profit metrics like home sales volume, increased spending on home improvement and more multi-family construction indicate that the housing sector has bottomed. “We expect that home prices, which generally lag changes in sales activity by nine to twelve months, will stabilize by the end of this summer and then rise at an annualized rate of 3.9% over the next five years”.
The fact that this stabilization has happened without the support of tax credits and in spite of declining share of REO sales, is reassuring.
For the full report – news release
With Halloween, Thanksgiving, Christmas and New Year racing upon us, 2011 is only round the corner. Some of you will be glad to see the back of 2010, others will look forward to 2011 with a positive attitude and a sense of anticipation.
Over the last two to three years, real estate and banking news has filled the media for one reason or another. Over the last few months things had quietened down……or so we thought! Earlier this month J.P. Morgan Chase, Bank of America, Wells Fargo and many other lenders stopped all foreclosures until further notice. They have discovered that the lawyers they retained did not handle the files with due diligence, which lead to many homes being foreclosed upon by banks who may or may not hold the note. With this said, the financial institutions are frantically trying to limit the damages. I suspect we may see class action suits brought against the banks in the near future by homeowners who surrendered their homes to lenders who were not qualified to foreclose.
On a more positive note, the snow birds are starting to return to Sarasota. This is the perfect time to list your home ready for the seasonal residents to buy up our real estate at historically low prices.
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Thank you for supporting us and have a safe Halloween