OfflineCNNMoney posted a Web article with that title, predicting that the housing market still has more downward room for prices before a true bottom is reached. According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June. This will push them to a new low of 35% below the peak in early 2006. It will also mark a triple-dip in home prices nationally.
The combined effects of sustained high unemployment and increased foreclosure activity are stated to be the primary reasons for a triple-dip. The previous two bottoms were:
- in 2009, when prices fell to 31% below the 2006 peak.
- in winter of 2010, they fell to 33% below the peak.
The robo-signing scandal slowed foreclosures, but they’re ramping back up now that the lenders have improved their processes.
One would have thought the drop will have been considerably more. This is the time when investing should be at the forefront for the DG family. We need to take advantage of this opportunity. Who knows if we would ever see this again in our lifetime. Thanks Dean for the info, very interesting. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Where are these homeowners moving too? I'm pretty sure they're aren't living under bridges.
This is something to use as bargaining power when dealing with a seller who thinks their property is worth more than it is. Let them know that it hasn't sold for the price they're asking and it's about to be worth even less. Maybe that will motivate them. The middle of winter season nobody else is buying. This is when you can make LOW offers that get accepted!
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
I still consider myself very new at investing...and am still gathering in formation, building teams...etc. I'm in the "action" made...but not "productive" mode. When I do make my first offer...right through closing of final buyer I will gain confidence...Loving this site to gain courage needed...and wisdom necessary...
I am, and always will be, both a student and a teacher. My mission is to earn in order to help people find homes they can afford to both maintain and enjoy.