2009/04/State Of Real Estate Market

Nothing really surprising with the new housing numbers. Being that short sales and foreclosures continue to make up more than half of the housing sales I fully expect the median sales prices to continue to fall. Short sales and foreclosures present the best opportnity to purchase properties at a discount and most of these sales are $300,000 or less. This is great if you are a first-time home buyer or do not need to sell your home in order to purchase one. Unfortunately that is not the majority of would-be home buyers.

You can also expect the number of foreclosures to rise once the 90 day reprive expires (the amount of time given to homeowners to negotiate with their lenders before their lender begins the foreclosure process). I know the government meant well granting this 90 day window, but if someone lost their job, how are they going to pay for their mortgage anyway?