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Housing Hits Bottom, Full Recovery Expected To Take Years

January 22, 2012


Its clear that housing has hit bottom for most of the country. (Yes, in some markets there will be an additional 3-5% loss in value over the next 12 months.) All the ‘bubble appreciation’ has now evaporated and home values stand where they were back in 1999-2002..or in many areas the market has over corrected and its now possible to buy homes at 1998-1999 values.

The only question now is how long will it take for the housing market to fully recover? A complete housing recovery will mean there is a 4 month supply of homes for sale.

Before there is any sort of sustained recovery the 6,000,000 homes already foreclosed upon (or in some state of foreclosure) will have to be sold. Facts to  remember, 30% of all homeowners (with a mortgage) are now underwater. If you were to factor in the owners that would be underwater if they had to sell (selling fees etc) the actual percent of underwater owners is actually 50%. Bottom line, 50% of ALL owners with a mortgage are underwater.

You simply must be doing short sales if you expect to thrive in this market. With 50% of all owners underwater not doing short sales means you are choosing to ignore 50% of the market…does that make sense?

Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide. NOTICE: Free book guaranteed  for the first 100 agents only.

Many previous owners are now becoming renters. Needless to say its a great time to be a landlord (investor)

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