So much that its predicted there will be a home shortage. More buyers than sellers will result in bubble-like home price increases. (HREU predicted this would happen. Read the rest of the HREU predictions now.)
Keep in mind that there are STILL up to 20,000,000 owners underwater.
Lets be 100% clear..in most of the US it will take at least 5 years before any return to a ‘normal’ housing market. Tens of millions of homeowners will need to short sale their homes or lose them to foreclosure if they want to get out from under their negative equity. With the extension of the 2007 Mortgage Debt Relief Act until 01/01/14 expect to see the banks (and smart underwater homeowners) taking advantage of the low housing inventory. More so than the last 5 years combined…THIS is the year of the short sale.
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