Does anyone really know? Some economists are talking about an on-going housing market downturn in 2010. Others are much more optomistic. A new report, the RPX Monthly Housing Marketing Report released by Radar Logic, shows that with the continued goverment incentives for both home buyers and sellers and the affordability of housing prices, the market will stablize in 2010.
This report also believe that household incomes will also begin to stablize in the second or third quarter, after unemployment peaks.
There are still a number of distressed properties that the banks have not yet released onto the market. These will be gradually introduced to avoid drastically reducing home prices even more.
“If efforts to ease foreclosure can and do succeed, there could be significant recovery in housing values in 2010,” says Michael Feder, President and CEO of Radar Logic. “Inventories are close to the norm of six months’ supply and prices have returned to 2003/2004 levels. Activity is much stronger than normal for this time of year, and there is evidence of qualified buyers waiting on the sidelines. If we can put an end to the financially-driven weakness, it may well be time for housing values to go up,” Feder says.
What this means to you is that it is still a great time to buy a home and as we go through 2010, being a seller will also be possible.
