Market on Life Support!
Wednesday, June 27th, 2007Hello all,
Sorry for the delay between posts! Contrary to most reports the market is not dead; it’s just in a coma, on life support, and will come back to life when it wants to. Most experts in my area were betting on this fall for some normalcy; however that now looks like further in the future.
What brings the market back is when the inventory dries up and there are not ten homes for sale on every block. The problem is that inventory is going to rise in the near future, not fall. This is because of the tremendous amount of REO bank owned foreclosures about to hit the market. The amount of high risk loans that are 90 days past due is staggering, and all these homes are about to hit the market at once forces prices down even more.
The good news is for the buyers!! Most buyers are still able to offer well below list price on a property and can still get historically low interest rates on their loan. This is the best time to buy in the past seven years!!