Is the Housing Market Beginning a Recovery?
Thursday, August 6, 2009 at 9:10am
Since the housing market bust, a staggering $4 trillion in home equity was destroyed, and many millions of homeowners lost their houses because of foreclosure.
The good news is that industry experts are predicting that the worst is over.
With the exception of foreclosed homes, the housing market has shown signs of stability. Home sales across the country were up almost 10 percent in June since January. In addition, new home sales have increased by 17 percent during this same time frame.
The sweet spot is home prices themselves. In May it was reported that home prices made the first positive increase since June 2006.
"The freefall is over," says Dean Baker of the Center for Economic and Policy Research.
The only predicament is that, Baker, like other economists and industry experts, expect the housing market to be "bouncing around the bottom" during Q3 and Q4 of this year.
Although all the good news is very promising, experts warn homeowners and investors to be careful and not to prejudge any situation without doing homework first. It will still take a long while for the housing market to get back to a constant, steady state. Until then, unemployment continues to rise and foreclosures continue to happen every day.
Please visit our Foreclosure page
and find all the Bank-owned and short sale properties around Central Florida or visit our Communities page
and learn about the best areas to live in the Central Florida market.
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