No Signs of Improvement for Housing Market

It seems  there is never any good news coming from the housing market. Sometimes you get glimpses of positive news that give you hope that the Real Estate market is returning to some sort of normalcy. However that doesn’t seem to be the case. According to Zillow, over 28% of homeowners are upside down on their mortgage. Homes prices have also dropped over 12% in the past 12 months.  This indicates that distressed properties are still a huge part of the market.  With the economic uncertainties that lay ahead, buyers are still reluctant to jump in and buy a home. As far as sellers are concerned, it has now become  increasingly difficult to sell their home despite attempts by the government to prop up home prices through tax credits and other stimulus.  Is this the new normal in Real Estate? From what it looks like the answer is yes.  There is a massive amount of inventory out there.  In Florida alone 1 out of 6 homes are vacant.  With unemployment on the rise, more Americans will have a difficult time buying a home.  These are the new realities of the current Real Estate market. It’s not pretty. But it is what it is. Whether you’re a buyer, seller, or an agent. This is a market we all have to face together. If you don’t adapt to it and accept it. You’ll only make things harder on your self.

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~ by fnunez on May 11, 2011.

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