Has the Foreclosure Rate hit Bottom?
The 2009 Outlook from www.Foreclosures.com indicates the nation's real estate price henorrhaging has finally slowed, and there has been a significant decline in foreclosures. “Recovery is underway. Affordable is back in the housing market,” says Alexis McGee, real estate expert, educator, and president of ForeclosureS.com. “In 2009, housing will not only recover, but we’ll see buyers leap into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market.”
Low low rates, government incentives like the $7500 tax credit for 1st time buyers, and lender motivation all will drive the recovery. California and Arizona, both states listed in the same grim figures as Florida, have shown positive gains, so Florida can't be far behind. While pre-foreclosure numbers may still climb, “potential homebuyers and investors will find the bargains growing in 2009,” says McGee. “As the year progresses more bright spots will emerge, too, both in terms of foreclosure numbers and housing markets as efforts to work with strapped homeowners really begin to take root.”
There are really some fantastic buys on the market now in my areas of Ormond and Daytona Beach, and I'm convinced the buyers won't be sitting on the sidelines much longer. Just since the first of the year, showings have picked up dramatically for most of my listings.
Call or email me today for an in-depth evaluation of our market.
Sherry Armstrong, REALTOR
www.sherryarmstrong.com
sherry@sherryarmstrong.com
386-679-3191