Comment

Comment by Mike Cummings on January 28, 2012 at 1:55pm

Though I believe that that there are many regional factors involved with our national recovery, the status of Michigan is looking much better. As one of the "hardest hit" states in the country, we have seen small percentage gains in the last year and many area professionals are more optimistic than just a couple of years ago. I feel fortunate to have weathered the brunt of the storm and still be in this business. Don't know if we'll ever get back to the days when we just deal with people over banks and companies.

Comment by Kathryn Lovell on January 28, 2012 at 8:56am

@ Nadine, I agree completely and feel it will be market specific.  Our market in East Tennessee, Smoky Mountains, is typically the last to feel the market slump and the first to witness recovery.  We are definetely begining to see improvement with less inventory available, and and slight rise in value.

Kathryn Lovell, Broker/REALTOR

RE/MAX Prime Properties

Office 865-428-1828 ext 15

Direct 865-740-4877

Comment by Nadine Cius on January 28, 2012 at 2:35am

I think it will be market specific.  The markets that were hit the hardest will take longer to recover, but I think in 2012 we will start seeing improvements.

Comment by Paul Francis on January 27, 2012 at 11:40pm

@ Amos,

It only takes 3 years from a short sale or a foreclosure to qualify for a home loan again. We are starting to see these homeowners who took matters in their own hands long ago, did what they had to do (short sale) and are now buyers again.

In fact... I represented a buyer on a purchase that closed last June who I had short sold his house in May of 2008 and his financial snapshot is SO much better today.

 

Comment by Dana Harris Carter on January 27, 2012 at 10:21pm

Hey Kathryn! Thanks for sharing. However, I have a famous saying that I tell everyone which is "I do NOT care what Economists say about the Real Estate market ending soon because I'm out here in the trenches where I've been for the past 15 years as a Realtor who is a Preforeclosure/Bankruptcy/Fraud Specialist.!" Of course, this is not directed to you and no disrespect intended. My blood boils when I see them make statement such as this one. It's going to take a long time (at minimum another 3-5 years in my professional opinion) before we see some significant changes that lead to an end in this era. But for the lending institutions we wouldn't be in this mess. As a Shortsale SPecialist, you know how challenging it is to get lenders to cooperate in the various strategies of preventing foreclosure ie.) Short Sale, Loan Modification, etc. By the way I cover the Atlanta, Georgia & Surrounding Cities market. In the past 4 years I have yet to see anyone secure a good mortgage loan to help them purchase a property. It's basically a field day for "all cash" investors and they have the nerve to be picky. We can only pray that this battle will end soon but realistically I don't see it happening. Have a great day!

Comment by Steele V. Propp on January 27, 2012 at 9:25pm

Just saw another study that this would not be back on track until 2015.

 

The fact is no one can predict this.  IMHO

 

Steele

Comment by Paul Francis on January 27, 2012 at 6:51pm

As far as I'm concerned... the Housing "Crisis" ended when the median price for a home in Las Vegas hit $120,000 considering the median household income in Las Vegas is around $50,000. As for homeowners that still have not done what needs to be done to move on.... that's a different story.

Multiple offers on nice properties priced right have been the norm here in Las Vegas for the past couple of years. Lack of quality Inventory is the problem due to all of the "programs" that were / have been set up to kick the can down the road and delaying a truly sustainable recovery. (Less Debt.)

Regardless... the end of 2010 was the first year since 2003 that I could strongly advise to buy because it made financial sense.

The only crisis that's been going on around here for the past couple of years is the crisis of homeowners that are buried doing nothing about their situation hoping somebody comes in and makes their problems go away without them having to do anything.

 

Cheers!

 

 

Comment by Billie DeSimone on January 27, 2012 at 6:20pm

Yes, we do have alot of factors to overcome, but once buyers start jumping in, things can turn around pretty fast.  Check out this post on Trulia Voices from an agent in Salt Lake on 1/25/12:

FIRST ANSWER

The real estate market in Salt Lake County Utah is on fire.  Buyers are coming in and out of every home I tour when I am with my clients.  We are running out of homes to sell in many of the zip codes that I work.  The last four offers I wrote were not alone.  Multiple offer situations are becoming a common occurrence that buyers should take note of.  The days of low ball offers getting accepted seem to only be a distant memory in Salt Lake.  Many neighborhoods are stable and full of life.  Buyers should start to see the signs that many local areas in Utah are on the rise.  Inventory levels are at record lows and sellers are starting to become aware of this situation.  What does this all mean?  If you have a job and live in Utah, you are probably buying a home this year.

Web Reference: http://happyUTAH.com

Wed Jan 25 2012, 17:58

Billie DeSimone

CENTURY 21 Award

Orange County, CA

714-391-4809

Comment by Aldo Figueroa - Maryland Agent on January 27, 2012 at 6:17pm

@Amos, I agree that the "recovery" is still too fragile to draw conclusions but here are 2 clear indicators: 1) the slowly but surely shrinking shadow inventory and 2) the lower unemployment rate.

Comment by Amos Elroy on January 27, 2012 at 6:00pm

You got to ask yourself if this is not just the making of another wave of foreclosures down the line.

I am not an economist but I'd like someone to explain how the market can be fixed on basis of virtual equity? It seems very artificial, and there is no solid basis for it.It seems to me almost like pulling yourself up on your feet by your hair.

Aside from that aren't a few percent of the potential buyers, who underwent a short sale, or worse, a foreclosure, barred from borrowing in the foreseeable future? No amount of loosening of LTV, or income to loan ratio, will resurrect these guys from the mort-gage cemetery. Ironically the people who lost their homes make up an even larger percentage of the potential buyers sector, than of the general population.

I think this prognosis just sounds too rosy. I wish it was so, but find it very hard to believe in.

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