Real Estate projections for 2009-2010 are grim, and there is no way to sugar coat the news. Housing experts met in Las Vegas this week for the International Builders' Show to discuss trends and projections on "the recovery" and to meet with expert economists.
Economists predict there will be further declines in homes prices, new construction starts and the number of home sales, while mortgage defaults, foreclosures and unemployment rates continue to climb. It is the simple supply and demand theory...a "turn around" will not happen until the quantity of unsold homes that are on the market decrease. There are too many homes for sale on the market with not enough buyers in the market to purchase them. Buyer confidence is at an all time low for making significant purchases in this economy when the uncertainty of employment stability looms over all our heads.
To make matters worse, a risk index predicts that 97 % of the nation's metropolitan areas had a greater probability of home prices falling over the next two years. In addition, over half of these metropolitan areas have a risk index of home price declines greater than 50 %.
Economists predict there will be further declines in homes prices, new construction starts and the number of home sales, while mortgage defaults, foreclosures and unemployment rates continue to climb. It is the simple supply and demand theory...a "turn around" will not happen until the quantity of unsold homes that are on the market decrease. There are too many homes for sale on the market with not enough buyers in the market to purchase them. Buyer confidence is at an all time low for making significant purchases in this economy when the uncertainty of employment stability looms over all our heads.
To make matters worse, a risk index predicts that 97 % of the nation's metropolitan areas had a greater probability of home prices falling over the next two years. In addition, over half of these metropolitan areas have a risk index of home price declines greater than 50 %.
-The Smiths
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Please Contact: The Smiths - Luxury Resort Portfolio at (561) 445-2282 or
email at TheSmiths@LuxuryResortPortfolio.com
Inquire about "The Property Organizer" Feature we exclusively provide at Luxury Resort Portfolio.
It is an organizing tool that makes it easy to search for properties and to keep track of properties you are interested in. Whenever you see property listings that you like, you can save them for future reference and for sharing with family members and friends. "The Property Organizer" also allows you to easily manage your Email Update service and save your search criteria for later use.
click link below to view:
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The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.
