Recession in Real Estate

What Happens When There is a Recession and Noone Comes?

• It looks like 73 out of 150 metropolitan statistical areas did not get invited to doomsday as  they show increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.
• It is believed that the Jumbo crunch last August has significantly slowed down purchaseability in luxury & higher priced areas of the Country.

NAR President Richard Gaylord says ,“Higher limits for FHA loans, which go into effect March 14, will be a big help to first-time buyers in high-cost markets. Higher limits for conventional loans purchased by Freddie Mac and Fannie Mae will take a bit longer – when they become available, high-income, creditworthy borrowers in high-cost areas will have access to affordable and safer financing, and that will help unleash pent-up demand,” he says.

• The 4th Quarter saw the Cumberland area of Maryland and West Virginia rise 19% over a year ago. Nakima, Washington rose 18.0 % from the 4th quarter of 2006.

Comments

[Andrew DiPalma]

I just want to share that I sold my home thanks to this book I read, called "Ready, Set, Sold" by Michael Corbett. Even during this recession, his tips helped me immensely to give my home the extra push it needed to shine on the market. check out www dot michael corbett dot com for more information about how to sell your home fast.

[Cubicle Dropout]

Believe me there is still money to be made in real estate. People will always need a place to live. For people with money to invest over the long term, right now is a good time to buy at low prices.

[Jayson]

These stats are pretty comforting and surprising. The pending programs are sure to help the market out some. They're actually pretty comprehensive and help out the majority as opposed to only a few.

[Morocco Property]

There is a lot in real estate especially from earning point of view. Try innovative methods, they work well then conventional.