Any end in sight for this Declining Market?
BUSINESS WEEK (by Alan Zimel) REPORTS:
The U.S. has been coping with the worst housing recession in decades, and many in the real estate, banking and mortgage industries are poring through each month’s data for signs of a bottom, with no luck so far.
U.S. existing home sales plunged to a rate of 4.49 million in November, down 8.6 percent from October. When the final tally for 2008 is complete, it is likely to be the worst year for home sales in at least in a decade. Plus, with job losses mounting, there appears to be no quick turnaround this year.
Of course home sales are growing in foreclosure-plagued areas like Las Vegas and Los Angeles, but they are still sinking in most of the country. The Realtors group estimates that 45 percent of existing home sales are now foreclosures and other distressed properties.
Yun, however, forecasts a modest increase in home sales for 2009. He projects sales will be up 6.6 percent, after plunging by around 13 percent in both 2007 and 2008. Prices are forecasts to remain relatively level with a median of $198,100 this year, up from $197,000 last year.
If this is the case … NOW is the time to buy while interest rates are Low! We have clients that are qualifying in the 4 and 5% range! That is amazing! Think of the buying power you could have right now!
To do a Real Estate search click the following link for: Southern California and Central Coast Regions or login to: www.Kevin-Jones.com and click on the area homes and it will prompt you to do your search!
You can also use the Just Listed function to receive free email lists daily of all the new listings directly in your email!
Remember that 2009 will be the year of the greatest opportunity!
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