While some economists are concerned about the possibility of an ongoing housing market downturn in 2010, one recent report finds that increased home affordability and government incentives will help stabilize the housing market this year.
The RPX Monthly Housing Market Report, released by real estate data and analytics company Radar Logic, forecasts that household incomes also will stabilize after unemployment peaks in the second or third quarter. Banks and financial institutions holding backlogs of distressed properties are expected to release them back into the market gradually, so the homes will be absorbed without drastically reducing prices.
“If efforts to east foreclosure can and do succeed, there could be significant recovery in housing values,†says Michael Feder, president and CEO or Radar Logic. “Inventories are close to the norm of six months’ supply, and prices have returned to 2003/2004 levels. … There is evidence of qualified buyers waiting on the sidelines. If we can put an end to the financially driven weakness, it may well be time for housing values to go up,†Feder says.
I’m very positive that everything that Obama and his administration have been doing will help the economy recover faster from it’s ups and downs. It may not be the best now, but wait until the tide turns over.
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