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REAL ESTATE. WHAT'S AHEAD FOR HOME PRICES?
Sales are ticking up, but don't expect prices to follow until the middle of the year. In the second half of 2009 , the housing market seemed to catch its breath after struggling to recover from the most severe downturn since the Great Depression. The first-time homebuyers tax credit and low mortgage rates lured buyers who'd been dithering and helped move the glut of foreclosures that has been dragging down home values. Sales began ticking up, and home prices stabilized afte ra three yeaer downward spiral. But the correction isn't over yet. Credit is still tight, unemployment is high and more foreclosures are coming. Even with the extension and expansion of the tax credit to include move-up buyers and an upward trend in sales, home prices will continue to edge lower throught next spring. The U.S. housing market won't begin to look healthy again until at least 2011.
THE PRICE PICTURE From the beginning of the downturn in mid-2006 to June 30, 2009, the median price of an existing home nationwide fell by 30%, or 11% annualized, according to Fiserv Lending Solutions. The median home now sells for $174,000- about what it sold for in 2003. Among the cities that Fiserv tracks, Detroit-victim of subprime lending and sky-high unemployment-suffered the most, with an annualized decline of 22% in its median home price over three years and a 33% plunge in the year that ended June 30. Detroit was followed closely by Las Vegas;Phoenix,; Merced, Calif; Miami; and Modesto, Calif.-all at the epicenter of the boom-burst quake.
STRONG BUYERS BENEFIT Affordability is the outlook's silver lining. Nationally, the ratio between median family income and the median home price has fallen to 2.8-just under the long-term historical average of 2.9. renewed affordability combined with historically low mortgage rates present an oportunity for homebuyers who have sterling credit, secure jobs and a plan to live in their home for many years. By Pat Mertz Esswein of Kiplinger's
REVERSE MORTGAGE Senior citizens at least 65 years old and own a property. Take an equity reverse mortgage lumpsum or receive monthly payment without paying every month. Call Joanne Phan 714-448-6399 email to: Joanne@JoannePhan.com for more information
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(Joanne) Chau Phan R.E. Broker / Realtor / Notary CRS , GRI , e-PRO, SRES Reverse Mortgage Advisor Great Service Around the Clock
Credent Real Estate 8381 Katella Ave, suite A Stanton, CA 90680
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