Good News For Housing? | 2010 Real Estate Market Predictions
Here is an interesting perspective on housing for 2010…
Focusing on builders.
They are living in fear of the inevitable waves of REOs hitting the market.
Builders are lowering their prices, offering less doo-dads. Makes sense. They need to be priced in line with what the buyers are willing…and can afford to…pay.
In 2010 resell homes are going to suffer more significant price drops….especially higher end homes. We have been warning all of you about this for months. Later this year will see the start of the 3rd wave of foreclosures. This next wave will be in the higher end homes as they experience mortgage resets and lack of refinance options.
Lets talk about demand? Is there pent up demand for new construction homes? According to this interview, no. She thinks existing demand is ‘tepid’ at best.
Should the government pull out of housing…what happens if the government stimulus were to stop..as its scheduled to early this year?
Watch this CNBC video:
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