The Real Estate Market
The real estate market has been growing by leaps and bounds in the last couple of years. According to experts and various real estate forecasts, the market is expected to rise in 2007 through to 2008. This has two implications:
- If you are a homeowner then your home equity will increase.
- If you are a homebuyer then purchasing real estate may seem like an expensive option.
But at the same time experts believe that 36 of the 100 big real estate markets in the US will witness a price decline. The top real estate market right now is McAllen, Texas, which is expected to show an increase of 8.5% this year and 9.8% the next year. The median home price will be $69,660.
At the same time, there will also be an increase in the market for bank foreclosures. Last year witnessed high foreclosure rates in some of the top metropolitans and this has created a database of foreclosed homes for first time home buyers. The availability of unusually high number of foreclosed properties also means that there will be more investors and buyers in this market than in the real estate market where the prices are sky rocketing.
Again, going back to the real estate market, the figures show that there was a decline of 0.17% and 5.75 million homes were sold this year till July. But experts see another reason for the decline in real estate buying. According to them, it is because there are more homes available than buyers. Foreclosure listings are showing anywhere from 300,000 to 600,000 properties for sale in a year. The availability of new homes and foreclosed homes has actually caused a decline in the nationwide real estate with the west showing a decline of -15.15%.
Find foreclosure listings in top cities like: Atlanta, Austin, Dallas, Denver, Houston, Jacksonville, Los Angeles, New York, Saint Louis and Seattle.
