So You Are Still Waiting For Home Prices to Decline Further?

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The value of homes seems to be stabilizing. On a national level home prices were up nearly 60% in the first quarter of 2010 vs. 2009. Arizona, one of the hardest hit in the housing urgency was up 9% in the first quarter over last year. The metro cities that had the biggest increases were of course, the ones that missed out on the housing boom of 2004-2005.

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Distressed sales such as short sales and pre-foreclosures are still a major concern. Some other foremost factors to keep an eye on are the job shop and the amount of bank catalogue homes which have not been released in the marketplace and pre-foreclosures.
Las Vegas which led the country in amount of foreclosures for most of last year still showed a decline in shop values of roughly 12%. The median price of a home fell from 5,300 to 7,000.

Now this is a real shocker. What many might think the unemployment capital of America lately, Akron, Ohio; roughly 12% of their workforce was unemployed in March 2010. The housing shop rose 90.2% in the first quarter as compared to the first quarter of last year from a median price of ,000 from ,000 last year. This growth was generally due to the diminishing catalogue of foreclosures and more "normal" or non-distressed homes were purchased.

The tax reputation played an foremost role in the stabilization of prices and some believe that now that the tax reputation is not ready we will start to see someone else decline. This could no ifs ands or buts work on the first-time home buyer.

The storm is not over yet and there are many issues that lie ahead before the housing shop recovery. One is job growth. We cannot buy real estate if we are unemployed. Low interest rates also will have to remain stable.

One of the most significant concerns is the time frame for processing short sales. This is especially true in Arizona where 6 out of 10 homes are short sales or pre-foreclosures. Some encouraging news is it does appear that this time process does seem to be inspiring a tiny faster. Some short sales are getting bank approval within 2 weeks. This was unheard of a few months ago.

We have to continue to be optimistic that jobs will soon be in question and unemployment will decrease, lenders will loosen their definite requirements for home rights and further home buyer incentives will continue to entice the home buyer.

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