Posted by: Larry Stevens | April 28, 2012

New Article: What are the Current Housing Market Trends?

New Article: What are the Current Housing Market Trends?

A new article has been posted on our blog by Dan Moyle:

What are the Current Housing Market Trends?

 

 

housing market trendsLike all things Real Estate, the health of your real estate market is dependent on your location.  Housing market trends appear to be stabilizing nationally.  Some months show modest declines while other months show some improvement.  Standard & Poors shows that there has been an average national price decrease just over 3% during the last year.  Within that statistic, however, 25% of the metropolitan areas show increases.  Phoenix, one of the hardest hit metropolitan areas, has seen two months of price increases in the first two months of this year.

In general, the steep decreases that occurred over the course of the last six years appear to be behind us.  Even those areas where there have been prices decreases, the percentage drops are much less than they were only a couple of years ago.

Foreclosures and short sales continue to make up a significant part of the resale market.  Because of the reduced prices for these properties they can be a real buying opportunity for those looking to own their own home. Reduced prices along with historically low mortgage interest rates make this a time for buyers to  consider a purchase.  First time home owners especially should consider homes that are now in their price range – this may be the last time that prices will be at this level. Plus, you can take advantage of programs like the FHA 203k and HomePath Mortgage.

Many of the severe problems related to foreclosure documentation appear to be resolved and the overall market trend for foreclosures is stabilizing.

While it is impossible to predict the precise moment when the bottom of the price curve is reached in your community, it does appear that we are in that neighborhood now. Housing market trends appear to be turning and home ownership will continue to be a part of every families long term financial plan.

Housing market trends are beginning to look more reliable and stable. When you’re comfortable with the trends and want to look into becoming a homeowner, start with “The Essential Guide to Buying Your First Home.”

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