Real Estate Agent Tips-


Are we on the road to recovery? You decide:

Truila & Realty Trac estimate that the US may see as many as 4,000,000 foreclosures in 2010... this would be the highest rate of foreclosures since the real estate market crash which began it's decline in 2007.

When the government's tax incentive of $8,000 for new buyers runs out this April, inventory of homes will go up...and so will the mortgage rates. This combination will cause the prices of homes to again, go lower, some predictions are as much as a 12% decline....OUCH

Some Major Reasons Why the Real Estate Market Recovery Will be a Challenge in 2010:

--Mortgage rates will creep up into the 6% range

--The unemployment rate will continue higher, breaking previous records

--Many home owners will "abandon" their homes because of "negative equity" which is caused by declining house values

--The government tax credits will expire...taking away the urgency of first time buyers to jump into the market

--Banks "tightening their belts" when lending to the "not so perfect" buyers and investors...and also, even new stricter lending guidelines for "qualified buyers."

Everyone who owns a property will be impacted by these factors.

The window to take action for anyone who NEEDS to sell or if you are looking to buy (before mortgage interest rates go up) is NOW and until probably summer time of this year. It is predicted that the mortgage rates will be creeping up...and don't forget the 4,000,000 foreclosures that will be flooding the market across the US...these will most definitely affect the values of homes on the market...and not in a good way

It is also predicted that in 2010 housing prices will do a DOUBLE DIP. What this means is that prices will once AGAIN take a hit and decline even further. This double dip in housing values is caused directly by the over abundance of foreclosures that will be entering the 2010 market on a regular basis each month.

Bank repossessions hit a record monthly high in May, according to RealtyTrac, the online marketer of foreclosed properties. Lenders took back 93,777 properties, up 1% from the previous month's record and 44% from the same period a year earlier.

Worst states
Nevada, Arizona and Florida once again top the state foreclosure rates in May, though the pace is moderating.

One in every 79 homes in Nevada received a foreclosure filing last month, down nearly 12% from April and 16% from a year ago. The state's foreclosure rate is five times the national average.

Arizona, meanwhile, saw its foreclosure activity increase by less than 1% in May from the prior month and drop 5% from May 2009. One in every 169 properties received a foreclosure notice in May.

In Florida, one in every 174 properties got a foreclosure filing in May, up 4.76% from a month ago but down nearly 14% from a year ago.

Nationwide, one in every 400 homes received a notice in May, down 3.27% from last month and up 0.45% from a year ago.

So...when will the bleeding stop? That's a BILLION DOLLAR questionBy: Janice J. CharlesArticle Directory: http://www.articledashboard.comJanice J. Charles is an active Real Estate Professional with 20 years in the industry and she is also an online Internet Marketing Pro and Mentor. Her passion is teaching Business owners and Self-employed people how to market their businesses online THEMSELVES without spending a fortune. You can meet and learn more about her at: www.JaniceJCharles.com