Will Flood Of Foreclosures Dampen Spring Market?
Thereis no question that as Realtors we are experiencing a sales urge and the Spring 2012 housing market will be the best in at least 6 years. No doubt this is a reason to celebrate.
But, lets not forget the headwinds facing our industry:
1) 4,000,000 owners have already lost their homes.
2) 6,000,000 owners are currently in default.
3) 11,000,000 owners are underwater.
4) 34% of all home sales are ‘distressed’ (short sales and REOs)
5) Homes for less than $250,000 are selling quickly..why? All cash investors and first time home buyers.
6) Move up buyers are trapped. Unless they can afford to sell (not underwater).
As long as that overhang remains (which it will for years) any housing recovery will be slow and regional. Housing IS recovering home by home, street by street…community by community. Fellow agents, we are in a ground war fighting for the recovery of our industry.
Blog Archive2017-01-02 11:10:21
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